Valuation Report EIF Staarwood 1 Dec 2014

VALUATION REPORT

European Industrial Fund – France, Germany and Netherlands Starwood Capital Europe Advisers LLP

Bank of America Merrill Lynch International Limited 2 King Edward St London, EC1A 1HQ Date of Valuation: 1 December 2014

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 VALUATION REPORT

3 PROPERTY REPORTS

4 MARKET COMMENTARY

5 LETTER OF INSTRUCTION

EXECUTIVE SUMMARY 2

1 EXECUTIVE SUMMARY

EXECUTIVE SUMMARY 3

EXECUTIVE SUMMARY

The Properties Address: 32 properties located in France (27), Germany (3) and Netherlands (2) Main Use: Industrial The European Industrial Fund comprises a total of 32 properties located in France (27), Germany (3) and Netherlands (2). The total portfolio is approximately 223,000 sq m.

Tenure Freehold

Tenancies and Covenant Strengths Details are provided in the individual property reports in Section 3.

Valuation Methodology Investment Valuation Methodology – Traditional Approach. We have used Argus Valuation Capitalisation software.

Valuation Summary A summary of our valuation figures for the overall portfolio and by country are set out below. Market Value €130,437,000 (ONE HUNDRED AND THIRTY MILLION, FOUR HUNDRED AND THIRTY SEVEN THOUSAND EUROS) VALUATION SUMMARY - EUROPEAN INDUSTRIAL FUND - 1 DECEMBER 2014

COUNTRY TOTAL AREA (SQM) VACANT AREA (SQM) GROSS RENT NET RENT GROSS ERV VACANT ERV CAPEX COSTS GROSS MULTIPLIER NIY GROSS VALUE MARKET VALUE France 167,176 27,764 €9,654,696 €8,681,448 €10,733,679 €1,547,655 €2,849,225 11.2 x 7.34% €118,282,071 €107,832,000 Germany 41,703 0 €2,344,361 €2,264,283 €1,877,550 €0 €695,436 8.0 x 11.24% €20,137,460 €18,745,000 Netherlands 13,986 382 €427,000 €351,965 €590,523 €26,700 -€330,700 9.0 x 7.84% €4,489,761 €3,860,000 TOTAL 222,865 28,146 €12,426,057 €11,297,696 €13,201,752 €1,574,355 €3,213,961 €142,909,292 €130,437,000

FRANCE

REF PROPERTY NAME COUNTRY SECTOR TOTAL AREA (SQM) VACANT AREA (SQM) GROSS RENT NET RENT GROSS ERV VACANT ERV CAPEX COSTS* GROSS MULTIPLIER NIY EY RY GROSS VALUE MARKET VALUE FRA-038 Nuelles (l'Abresle) France Logistics / Industrial 4,265 0 € 189,300 € 185,888 € 170,600 € 0 € 0 8.1 x 11.37% 10.50% 10.23% € 1,633,807 € 1,530,000 FRA-007 Bonneuil sur Marne France Logistics / Industrial 2,238 162 € 55,856 € 46,863 € 217,760 € 17,010 € 0 43.2 x 1.81% 8.31% 8.35% € 2,580,232 € 2,415,000 FRA-025 Le Mesnil Amelot France Logistics / Industrial 1,763 443 € 95,963 € 82,223 € 123,400 € 31,000 € 0 12.6 x 6.35% 9.22% 9.43% € 1,294,822 € 1,210,000 FRA-010 Collegien France Logistics / Industrial 4,023 333 € 296,068 € 284,433 € 292,720 € 23,300 € 250,000 9.2 x 9.80% 9.28% 9.98% € 3,151,852 € 2,715,000 FRA-024 Blanc Mesnil France Logistics / Industrial 4,728 0 € 364,917 € 361,608 € 330,900 € 0 € 0 10.9 x 8.54% 7.85% 7.75% € 4,230,030 € 3,955,000 FRA-017 Fontenay Salengro 1 France Logistics / Industrial 5,326 1,006 € 375,679 € 331,029 € 385,970 € 70,400 € 195,000 10.2 x 8.11% 8.91% 9.27% € 4,275,077 € 3,815,000 FRA-021 Fontenay Ionics France Logistics / Industrial 2,833 0 € 240,000 € 235,223 € 238,865 € 0 € 0 11.1 x 8.27% 8.00% 8.23% € 2,842,141 € 2,660,000 FRA-057 Villepinte France Logistics / Industrial 7,213 0 € 367,083 € 363,475 € 360,800 € 0 € 400,000 9.7 x 9.58% 8.60% 9.42% € 4,191,467 € 3,545,000 FRA-029 Lisses Porges France Logistics / Industrial 7,148 0 € 400,288 € 398,358 € 385,992 € 0 € 0 11.4 x 8.18% 8.00% 7.89% € 4,867,612 € 4,555,000 FRA-019 Fontenay Neuilly France Logistics / Industrial 5,818 1,027 € 420,078 € 369,846 € 464,300 € 81,800 € 0 11.0 x 7.50% 9.10% 9.22% € 4,933,358 € 4,615,000 FRA-016 Lisses Bois Charland France Logistics / Industrial 5,531 0 € 537,558 € 531,507 € 484,100 € 0 € 0 9.4 x 9.88% 8.75% 8.89% € 5,377,152 € 5,030,000 FRA-049 St Michel sur Orge France Logistics / Industrial 5,344 430 € 413,639 € 392,754 € 428,920 € 32,090 € 250,000 9.7 x 9.12% 9.31% 9.86% € 4,555,249 € 4,025,000 FRA-041 Pontault Combault (Copy Mix) France Logistics / Industrial 1,995 0 € 150,031 € 148,634 € 139,700 € 0 € 100,000 10.5 x 8.86% 8.00% 8.24% € 1,776,904 € 1,570,000 FRA-031 Lognes Campanules 18 France Logistics / Industrial 3,200 0 € 240,071 € 237,895 € 217,600 € 0 € 0 9.4 x 9.88% 9.00% 8.95% € 2,406,040 € 2,250,000 FRA-050 Sucy en Brie France Logistics / Industrial 3,663 2,151 € 124,423 € 43,896 € 294,500 € 172,700 € 48,435 23.7 x 1.39% 8.78% 9.29% € 3,195,064 € 2,945,000 FRA-018 Fontenay Bobet France Logistics / Industrial 2,994 920 € 197,039 € 168,666 € 204,260 € 46,220 € 255,790 9.0 x 8.86% 8.95% 10.52% € 2,157,792 € 1,780,000 FRA-052 TOTAL Torcy Nord France Logistics / Industrial 13,765 2,692 € 660,569 € 570,462 € 705,854 € 137,535 € 0 11.1 x 7.24% 8.92% 8.87% € 7,875,154 € 7,365,000 FRA-015 Croissy Beaubourg France Logistics / Industrial 14,749 4,545 € 779,570 € 594,575 € 1,205,752 € 269,900 € 300,000 15.2 x 4.70% 9.03% 9.46% € 12,937,136 € 11,820,000 FRA-053 Torcy Coutures France Logistics / Industrial 4,023 216 € 411,841 € 401,272 € 381,000 € 27,000 € 0 10.0 x 9.08% 8.29% 8.54% € 4,415,390 € 4,130,000 FRA-002 Argenteuil France Logistics / Industrial 4,081 0 € 204,417 € 202,458 € 195,900 € 0 € 100,000 9.4 x 9.88% 9.13% 9.47% € 2,147,358 € 1,915,000 FRA-033 Lognes (Courcerin) France Logistics / Industrial 3,535 385 € 238,688 € 226,365 € 247,900 € 27,000 € 0 10.3 x 8.60% 9.20% 9.33% € 2,629,842 € 2,460,000 FRA-040 Pontault Combault (Multi let) France Logistics / Industrial 4,912 394 € 312,727 € 300,001 € 343,900 € 27,600 € 0 10.4 x 8.63% 9.64% 9.80% € 3,473,354 € 3,250,000 FRA-028 Lisses (Leonardo de Vinci) France Logistics / Industrial 5,120 0 € 452,849 € 448,944 € 390,500 € 0 € 100,000 9.1 x 10.13% 8.75% 8.73% € 4,528,084 € 4,140,000 FRA-034 Nanterre France Logistics / Industrial 5,344 665 € 714,460 € 679,942 € 749,200 € 88,300 € 0 12.1 x 7.38% 8.08% 8.05% € 9,206,283 € 8,610,000 FRA-058 Gargenville France Logistics / Industrial 24,600 12,395 € 524,858 € 290,125 € 984,000 € 495,800 € 0 16.0 x 3.24% 9.96% 10.78% € 8,944,773 € 8,423,000 FRA-059 Croissy Beaubourg 17 France Logistics / Industrial 9,199 0 € 461,948 € 448,494 € 448,476 € 0 € 220,000 9.9 x 9.16% 8.63% 8.88% € 5,114,690 € 4,579,000 FRA-062 Villefranche/Saône France Logistics / Industrial 9,766 0 € 424,776 € 395,465 € 341,810 € 0 € 630,000 5.9 x 14.65% 9.25% 12.41% € 3,328,890 € 2,525,000 Total France 167,176 27,764 €9,654,696 €8,740,401 €10,734,679 €1,547,655 €2,849,225 €118,069,553 €107,832,000

GERMANY REF PROPERTY NAME COUNTRY SECTOR TOTAL AREA (SQM) VACANT AREA (SQM) GROSS RENT NET RENT GROSS ERV VACANT ERV CAPEX COSTS GROSS MULTIPLIER NIY EY RY GROSS VALUE MARKET VALUE GER-002 Urbach Germany Logistics / Industrial 8,490 0 € 387,965 € 360,843 € 393,155 € 0 € 245,634 7.9 x 10.84% 9.00% 11.00% € 3,572,637 € 3,065,000 GER-004 Sindelfingen Germany Logistics / Industrial 11,389 0 € 731,591 € 693,894 € 614,952 € 0 € 285,542 9.0 x 9.74% 7.80% 8.11% € 6,833,391 € 6,560,000 GER-005 Simmern Germany Logistics / Industrial 21,824 0 € 1,224,805 € 1,209,546 € 869,443 € 0 € 164,260 7.4 x 12.22% 10.00% 7.94% € 9,731,432 € 9,120,000 Total Germany 41,703 0 €2,344,361 €2,264,283 €1,877,550 €0 €695,436 €20,137,460 €18,745,000

NETHERLANDS REF PROPERTY NAME COUNTRY SECTOR TOTAL AREA (SQM) VACANT AREA (SQM) GROSS RENT NET RENT GROSS ERV VACANT ERV CAPEX COSTS GROSS MULTIPLIER NIY EY RY GROSS VALUE MARKET VALUE NET-002 Vaassen 2 Netherlands Logistics / Industrial 4,578 0 € 75,000 € 51,731 € 145,093 € 0 -€ 66,000 10.5 x 5.67% 10.00% 13.29% € 911,350 € 785,000 NET-003 Vaassen 1 Netherlands Logistics / Industrial 9,408 382 € 352,000 € 300,234 € 445,430 € 26,700 -€ 264,700 8.7 x 9.06% 9.91% 11.86% € 3,578,411 € 3,075,000 Total Netherlands 13,986 382 €427,000 €351,965 €590,523 €26,700 -€330,700 €4,489,761 €3,860,000

*CAPEX This includes tenant improvement and fit out costs, letting and re-letting fees and refurbishment capex. EXECUTIVE SUMMARY 4

Lending Related Comments: We are of the opinion that the property interest provides suitable security for mortgage purposes although we have not been provided with the terms of the loan and cannot therefore comment on their suitability having regard to the nature of the Property.

VALUATION REPORT 5

2 VALUATION REPORT

VALUATION REPORT 6

VALUATION REPORT

CBRE Limited

Henrietta House Henrietta Place London, W1G 0NB

Switchboard +44 (0) 20 7182 2000

Report Date 12 December 2014

Addressee This report may be relied upon by Bank of America, N.A. and their affiliates, successors and/or assigns in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the "Loan Financing"). This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing. Any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing may have sight of our report but with no reliance. In addition, this report or a reference to this report, may be included or quoted in any offering circular, registration statement, or prospectus in connection with a securitization or transaction involving the Loan Financing and/or related securities that may be issued. This report has no other purpose and should not be relied upon by any other person or entity. The aggregate liability of CBRE to all addressees, users or reliance parties ("Addressees") is capped at £20 million. Bank of America makes no warranties or representations regarding this document or the conclusions contained herein.

VALUATION REPORT 7

The Property European Industrial Fund (France, Germany and Netherlands) Property Description Portfolio of 32 light industrial properties located in France (27), Germany (3) and Netherlands (2).

Ownership Purpose Investment.

Instruction To value on the basis of Market Value the freehold interest in the Property as at the Valuation Date in accordance with your letter of instruction dated 14 November 2014.

Valuation Date 1 December 2014.

Capacity of Valuer External.

Purpose Loan Financing.

Market Value €130,437,000 (ONE HUNDRED AND THIRTY MILLION, FOUR HUNDRED AND THIRTY SEVEN THOUSANS EUROS) exclusive of VAT.

Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms.

Security We are of the opinion that the property interest provides suitable security for mortgage purposes although we have not been provided with the terms of the loan and cannot therefore comment on their suitability having regard to the nature of the Property.

Compliance with The valuation has been prepared in accordance with Valuation Standards the RICS Valuation – Professional Standards (January 2014) (“the Red Book”).

We confirm that we have sufficient current local and national knowledge of the particular property market involved, and have the skills and understanding to undertake the valuation competently. Where the knowledge and skill requirements of The Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with VALUATION REPORT 8

confirmation that each named valuer complies with the requirements of The Red Book.

Assumptions The property details on which each valuation is based are as set out in this report. We have made various assumptions as to tenure, letting, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below.

If any of the information or assumptions on which the valuation is based are subsequently found to be incorrect, the valuation figures may also be incorrect and should be reconsidered. None. Variation from Standard Assumptions

Suitability for We are of the opinion that the property interest provides Mortgage Purposes suitable security for mortgage purposes although we have not been provided with the terms of the loan and cannot therefore comment on their suitability having regard to the nature of the Property.

Verification We recommend that before any financial transaction is entered into based upon these valuations, you obtain verification of the information contained within our report and the validity of the assumptions we have adopted.

We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon this valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.

Valuer The Property has been valued by a valuer who is qualified for the purpose of the valuation in accordance with the RICS Valuation – Professional Standards (The Red Book).

Independence The total fees, including the fee for this assignment, earned by CBRE Ltd (or other companies forming part of the same group of companies within the UK from the

VALUATION REPORT 9

Addressee (or other companies forming part of the same group of companies) are less than 5.0% of the total UK revenues.

Disclosure The principal signatory of this report has continuously been the signatory of valuations for the same addressee and valuation purpose as this report since 2011. CBRE Ltd has continuously been carrying out valuation instructions for the addressee of this report for over 20 years.

CBRE Ltd has carried out Valuation services for more than 15 years and over.

Conflicts of Interest CBRE valued the property on behalf of the former owner Tamar from 2007 until June 2014 being our last valuation. We have disclosed the relevant facts to you and the other clients involved, and have received confirmation that it is in order for us to carry out the valuation.

Reliance This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.

Publication Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.

VALUATION REPORT 10

Yours faithfully

Graham Hughes MRICS Executive Director RICS Registered Valuer For and on behalf of CBRE Ltd

T: +44 20 7182 2631

E: [email protected]

CBRE – Valuation & Advisory Services T: 020 7182 2000 F: 020 7182 2273 W: www.cbre.co.uk

VALUATION REPORT 11 SCHEDULE OF MARKET VALUES

Properties Held for Investment

PROPERTY NAME COUNTRY Freehold Leasehold Market Value TOTAL Nuelles (l'Abresle) France € 1,530,000 € 1,530,000 Bonneuil sur Marne France € 2,415,000 € 2,415,000 Le Mesnil Amelot France € 1,210,000 € 1,210,000 Collegien France € 2,715,000 € 2,715,000 Blanc Mesnil France € 3,955,000 € 3,955,000 Fontenay Salengro 1 France € 3,815,000 € 3,815,000 Fontenay Ionics France € 2,660,000 € 2,660,000 Villepinte France € 3,545,000 € 3,545,000 Lisses Porges France € 4,555,000 € 4,555,000 Fontenay Neuilly France € 4,615,000 € 4,615,000 Lisses Bois Charland France € 5,030,000 € 5,030,000 St Michel sur Orge France € 4,025,000 € 4,025,000 Pontault Combault (Copy Mix) France € 1,570,000 € 1,570,000 Lognes Campanules 18 France € 2,250,000 € 2,250,000 Sucy en Brie France € 2,945,000 € 2,945,000 Fontenay Bobet France € 1,780,000 € 1,780,000 TOTAL Torcy Nord France € 7,365,000 € 7,365,000 Croissy Beaubourg France € 11,820,000 € 11,820,000 Torcy Coutures France € 4,130,000 € 4,130,000 Argenteuil France € 1,915,000 € 1,915,000 Lognes (Courcerin) France € 2,460,000 € 2,460,000 Pontault Combault (Multi let) France € 3,250,000 € 3,250,000 Lisses (Leonardo de Vinci) France € 4,140,000 € 4,140,000 Nanterre France € 8,610,000 € 8,610,000 Gargenville France € 8,423,000 € 8,423,000 Croissy Beaubourg 17 France € 4,579,000 € 4,579,000 Villefranche/Saône France € 2,525,000 € 2,525,000 Urbach Germany € 3,065,000 € 3,065,000 Sindelfingen Germany € 6,560,000 € 6,560,000 Simmern Germany € 9,120,000 € 9,120,000 Vaassen 2 Netherlands € 785,000 € 785,000 Vaassen 1 Netherlands € 3,075,000 € 3,075,000 TOTAL €130,437,000 €130,437,000 VALUATION REPORT 12

SCOPE OF WORK & SOURCES OF INFORMATION

Sources of We have carried out our work based upon information Information supplied to us by M7 Real Estate Ltd, which we have assumed to be correct and comprehensive. We have not been provided with technical, environmental or legal due diligence reports.

The Property Our report contains a brief summary of the property details on which our valuation has been based.

Inspection We have inspected the Properties internally on November and December 2014.

The inspection was undertaken by Franck Truong, Alexandre Petitpre, Gregory Grey-Johnson, Martijn Kooman and Katharina Walser, all MRICS Register Valuers.

Areas We have not measured the Property but have relied upon the floor areas provided.

Environmental We have not carried out any investigation into the past Matters or present uses of the Property, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists.

Repair and Condition We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Property. We are unable, therefore, to give any assurance that the Property is free from defect.

Town Planning We have not undertaken planning enquiries.

Titles, Tenures and Details of title/tenure under which the Property is held Lettings and of lettings to which it is subject are as supplied to us. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other

VALUATION REPORT 13

documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser.

We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants.

VALUATION REPORT 14

VALUATION ASSUMPTIONS

Capital Values The valuation has been prepared on the basis of “Market Value” which is defined as:

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion". No allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation.

No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charges.

No account has been taken of the availability or otherwise of capital based Government or European Community grants.

Rental Values Rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes nor do they necessarily accord with the definition of Market Rent.

The Property Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building.

Landlord’s fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our valuations.

Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our valuations.

All measurements, areas and ages quoted in our report are approximate.

VALUATION REPORT 15

Environmental In the absence of any information to the contrary, we Matters have assumed that:

(a) the Property is not contaminated and is not adversely affected by any existing or proposed environmental law;

(b) any processes which are carried out on the Property which are regulated by environmental legislation are properly licensed by the appropriate authorities.

Repair and Condition In the absence of any information to the contrary, we have assumed that:

(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the property;

(b) the Property is free from rot, infestation, structural or latent defect;

(c) no currently known deleterious or hazardous materials or suspect techniques, including but not limited to Composite Panelling, have been used in the construction of, or subsequent alterations or additions to, the Property; and

(d) the services, and any associated controls or software, are in working order and free from defect.

We have otherwise had regard to the age and apparent general condition of the Property. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.

Title, Tenure, Unless stated otherwise within this report, and in the Planning and Lettings absence of any information to the contrary, we have assumed that:

(a) the Property possesses a good and marketable title free from any onerous or hampering restrictions or conditions;

(b) all buildings have been erected either prior to planning control, or in accordance with planning

VALUATION REPORT 16

permissions, and have the benefit of permanent planning consents or existing use rights for their current use;

(d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations;

(e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of each Property to comply with the provisions of the relevant disability discrimination legislation;

(f) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;

(g) tenants will meet their obligations under their leases;

(h) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;

(i) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and

(j) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy.

PROPERTY REPORTS 17

3 PROPERTY REPORTS

Address: ZA les Garrines, 69210 Nuelles, FRANCE

Inspected on: 11 September 2013 Valuer: Gregory Grey-Johnson

Tenure: Freehold Tenant / Tenant Covenant: Single tenant AMN/ local automotive supplier

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m/mth) Industrial 4,265 28/07/2017 NA 189,300 Certain until lease end

Location : Nuelles is a village of approximately 500 inhabitants located to the north west of Lyon in the Monts du Lyonnais area.

Nuelles is mostly a residential area. Its single industrial park, ZA des Garrines, hosts three companies.

Nuelles is accessible from the RN7 road and is located 27 km from Lyon.

Description : The property is an industrial facility built in the 1990s and comprises 4,265 sqm (183 sqm of office space and 4,082 sqm of light industrial space). It is located in a small industrial park sitting between the access road and the Brevenne river.

The industrial building is a multi space cell located at the rear of the site. It is accessible via two industrial doors facing the rear yard. It benefits from an approximate eaves height of 7m. It is built on a metallic structure complete with a steel tray roof, double skin cladding and natural lighting from smoke hatches.

The office block is of brick construction with a flat roof and metal clad exterior walls. Offices are fitted with floor tiles, painted walls and suspended ceilings with spot lights.

In the course of 2009, a separate car entrance has been arranged at the front of the property, allowing direct access to the parking lot. The site is fenced and monitored via a motion detector alarm

Physical Considerations: Other Considerations: Year built: NA Planning: The property is located in an area under the UI section of local zoning Refurbished: NA. In the course of 2009, a plan (PLU: Plan Local d’Urbanisme) separate car entrance has been which is dedicated to economic arranged at the front of the activities. property, allowing direct access to the parking lot. Based on public information, the Technical We have not carried out building property is located in the blue zone issues : surveys, tested services, made (average risk) of the perimeter liable independent site investigations, to flooding (PPRNi) of the Brevennes inspected woodwork, exposed parts river that runs along the eastern of the structure which were covered, boundary of the property. unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Property. We are unable, therefore, to give any assurance that the Property is free from defect.

We have considered that on the basis of the capital expenditure budget retained, the property will not be subject to any other renovation works over the next ten years with the exception of maintenance works.

Condition: Based on our 2013 inspection, the Mandatory In the frame of our study, we have property appears in a good state of verifications: been informed of any mandatory repair verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property is located in the Contamination carried out structural surveys, tested Infrastructure: industrial park of the village of Issues: services, made independent site Nuelles located 27 km from Lyon. investigations, inspected woodwork, exposed parts of the structure which It benefits from an adequate visibility were covered, unexposed or from the local road RN7. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

∑ The property is not, or likely to be, affected by land contamination and that there are no abnormal ground conditions, nor archaeological remains, nor hazardous nor deleterious materials present which might adversely affect the present or future occupation, development or value of any of the properties, and; ∑ The property is free from rot, infestation, structural or design defect, and; ∑ No high alumina cement nor other currently known prohibited or suspect materials or techniques have been used in the construction of, or subsequent alterations or additions to, any of the properties.

Property Strengths Property Weaknesses

• The property is in a good state of repair and • The property is in a secondary location in good condition. • In case of vacancy, marketing would be very • The property is fully let to a single tenant. challenging • Freehold • Tenant does not offer a prime covenant

Competition Adjacent Uses • No local competition • Competition mostly originates from the • LI and storage properties (local companies: industrial parks located in the larger swimming pool manufacturer, 3PL supplier, surrounding towns of L’Arbresle or Lozanne concrete manufacturer)

Additional Comments

• We have set an allowance of 2% of ERV for the provision of Article 606 on all structural works starting upon the lease first term.

Market Commentary

The property is located in an area remote from the main markets. It is surrounded by build to suit buildings so that the local rental market in non-existent.

Rental Evidence (extended perimeter)

• Pontcharra Sur Turdine, ZI du Moulin: a 1,700 sqm LI buidling with a market rent of approximately €35 per sqm per annum. August 2013 • Vaulx-en-Velin; Avenue du 8 Mai 1945: a 2,117 sqm building with a market rent of approximately €31 per sqm per annum, May 2013 • Vénissieux, Rue Sentuc: a 1,205 sqm building with a market rent of approximately €40 per sqm per annum, September 2014

Market Commentary

Please see refer to the market commentary in section 4.

Market Valuation and comments as at December 1, 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV Total Gross Rental Income 189,300 Total Net Rental Income: 185,888 Total gross ERV: 170,600 Total Net ERV: 167,188 Equivalent Yield: 10.50% Net Initial Yield: 11,37% WAULT 2.75 years WABO 2.75 years Market Value - Net of purchaser’s costs@ (rounded) €1,530,000 6.90% : Indicative Reinstatement Cost €2,600,000 Vacant Possession Value €1,185,000 12 months of void EY: 11% VPV Assumptions NRC on void: 20€/sqm Letting fees: 15% of ERV

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Nuelles (l'Arbresle),ZI les Garrines,Nuelles,69210 File/Ref No FRA-038

Gross Valuation €1,633,807 Capital Costs €0 Net Value Before Fees €1,633,807

Less Stamp Duty @6.90% of Net Value -€105,456

Net Valuation €1,528,351 Say €1,530,000

Equivalent Yield 10.5000% True Equivalent Yield 11.2447% Initial Yield (Deemed) 11.3776% Initial Yield (Contracted) 11.3776% Reversion Yield 10.2330%

Total Contracted Rent €189,300 Total Current Rent €189,300 Total Rental Value €170,600 No. Tenants 1 Capital value per m² €358.73

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €189,300 €185,888 11.3776 % 12.2351 % 29-Jul-2017 €170,600 €167,188 10.2330 % 10.9225 %

Yields based on €1,633,807

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold AMN NA 28-Jul-2017 €189,300 Rounded €170,600 Group 1 Hardcore 10.500 €1,633,807 Total €189,300 €170,600 €1,633,807

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 10 Carrefour du Général de Gaulle, 94380 Bonneuil sur Marne

Inspection: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Co-ownership - with Main Tenant / Tenant GYMSPA a Kyriad hotel next to Covenant: the subject property

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) 6 months of rent free period form 01/11/14 to 30/04/15. At lease start: GYMSPA 1,550 sq m 31/10/23 31/10/2020 €163,000 renovation works

undertaken by the tenant for an amount of €593,280. MATERIAUX Indexation based on the ROUTIERS 242 sq m 31/12/22 31/12/2016 €26,410 French index ILAT. FRANCILIENS

MGEN 146 sq m 30/11/19 30/11/2016 €15,232

SEFIA 138 sq m 14/04/20 14/04/2017 €14,214 VACANT 162 sq m TOTAL 2,238 sq m €218,856

Location : Bonneuil-sur-Marne is located in the French department of Val de Marne, in the Paris region. Bonneuil-sur-Marne accommodates approximately 16 000 inhabitants.

The property is located circa 23 km to the south-east of Paris centre. The property is more precisely located near to the Général de Gaulle crossroads. The subject property is 7 km from the A86 which forms part of the circular motorway surrounding Paris and provides connections to all other major thoroughfares.

In terms of public transportation, the surrounding area is served by the bus line 393 which links with the suburban train (line RER C) at Choisy-le-Roi train station. Description : The property comprises a two storey purpose retail, office and light industrial building, built in 1992.

The building has a reinforced concrete frame with a façade of glass curtain walls and concrete panel with roughcast coating. The windows are aluminum double-glazed. The roof is flat and is either, used as roof-terraces or, to house the technical installations such as the air-conditioning.

Access to the building is via the front and rear elevations. The entrance of each unit is glazed.

The office accommodation is generally open plan with some demountable partitioning walls. The office premises generally include suspended ceilings with recessed spotlights as well as air conditioning vents. The office space benefits from good natural light from front and rear elevations.

The specification of the light industrial premises includes suspended lights and solid concrete floors.

The property is complemented by 29 parking places.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 948 sq m 42% Offices 1 290 sq m 58% Total 2 238 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

We have considered that on the Planning: We note that according to the local basis of the capital expenditure town planning (PLU), approved the budget retained, the property will 27th September 2007 and lastly not be subject to any other revised the 10th February 2011 the renovation works over the next ten subject property is located in the years with the exception of zone UCc. maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The property is in an adequate state Mandatory In the frame of our study, we have of repair. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property benefits from a good Contamination carried out structural surveys, tested Infrastructure: visibility and a good location at 7 Issues: services, made independent site km from the highway A86. investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• The building is in good state of repair; • High office ratio for an industrial park (42% of the • The offices premises area is easily flexible in total surface areas); terms of space; • Limited number of parking places; and • Very good location in the centre of Bonneuil- • High competition from the others industrial parks sur-Marne in a dynamic area; and located near the subject property (Parc des Petits • Good accessibility by road and by public Carreaux). transportation.

Competition Adjacent Uses

• High competition from others industrial parks • The “Fosse aux Moines” retail park is located in located near the subject property (Parc des front of the subject property Petits Carreaux). • There is also an industrial park, called “Parc d’activités des Petits Carreaux”, near to the property. The surrounding area provides a mixture of uses including hotel, retail, offices and residential. • Office properties • The properties located on the port are not considered as challenging properties.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

BATIMENT A - 5 ROUTE DE STAINS 94380 BONNEUIL SUR MARNE Area : 1500 sq m Rent : 81 €/sq m/ pa excluding taxes and charges Réf 53513 1 Tenant : SOCIETE D'EXPLOITATION DE STUDIO DES PLANTES Photo Landlord : PORT AUTONOME DE PARIS (PAP) State of repair : Adequate state of repair Transaction date: 02/04/2012

BATIMENT F2 - 45 ROUTE DE L'ILE BARBIERE 94380 BONNEUIL SUR MARNE Area : 1310 sq m Rent : 76 €/sq m/ pa excluding taxes and charges Réf 63240 2 Tenant : ESNAULT FINANCES Photo Landlord : PORT AUTONOME DE PARIS (PAP) State of repair : Adequate state of repair Transaction date: 14/02/2014

36 RUE DU MOULIN BATEAU 94380 BONNEUIL SUR MARNE Area : 4627 sq m Rent : 100 €/sq m/ pa excluding taxes and charges Réf 65796 3 Tenant : FRANCE BOISSONS Photo Landlord : CBRE GLOBAL INVESTORS State of repair : Good state of repair Transaction date: 31/07/2014

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €55,856 Total Net Rental Income: €46,863 Total gross ERV: €216,760 Total Net ERV: €215,592 Equivalent Yield: 8.31% Net Initial Yield: 1.81% WAULT 1.61 WABO 0.86 Market Value - Net of purchaser’s costs@ (rounded) €2,415,000 6.90% : Indicative Reinstatement Cost €2,320,000 Vacant Possession Value €1,805,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Bonneuil sur Marne,10,Carrefour du General de Gaulle,Bonneuil -Sur-Marne,94380 File/Ref No FRA-007

Gross Valuation €2,580,232 Capital Costs €0 Net Value Before Fees €2,580,232

Less Stamp Duty @6.90% of Net Value -€166,544

Net Valuation €2,413,687 Say €2,415,000

Equivalent Yield 8.3197% True Equivalent Yield 8.7679% Initial Yield (Deemed) 1.8162% Initial Yield (Contracted) 1.8162% Reversion Yield 8.3555%

Total Contracted Rent €55,856 Total Current Rent €55,856 Total Rental Value €216,760 No. Tenants 5 Capital value per m² €1,079.09

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €55,856 €46,863 1.8162 % 1.8371 % 01-May-2015 €218,856 €209,863 8.1335 % 8.5644 % 01-Jun-2015 €218,856 €214,137 8.2991 % 8.7481 % 01-Sep-2015 €235,866 €231,147 8.9584 % 9.4833 % 01-Jun-2016 €235,866 €233,698 9.0573 % 9.5942 % 01-Dec-2019 €220,634 €218,466 8.4669 % 8.9347 % 01-Mar-2020 €236,694 €234,526 9.0894 % 9.6301 % 15-Apr-2020 €234,210 €232,042 8.9931 % 9.5222 % 01-Jan-2023 €207,800 €205,632 7.9695 % 8.3829 % 01-Feb-2023 €234,210 €232,042 8.9931 % 9.5222 % 01-Nov-2023 €71,210 €69,042 2.6758 % 2.7212 % 01-May-2024 €217,760 €215,592 8.3555 % 8.8108 %

Yields based on €2,580,231

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold VAC EX-JMCDE NA 31-May-2024 €0 Unrounded €17,010 Vacant Hardcore 9.250 €164,820 Sefia NA 14-Apr-2020 €14,214 Unrounded €11,730 Let 369 Hardcore 8.250 €151,201 MGEN NA 30-Nov-2019 €15,232 Unrounded €16,060 Let 369 Hardcore 8.250 €186,866 MATERIAUX ROUTIERS FRANCILIEN NA 31-Dec-2022 €26,410 Unrounded €25,410 Let 369 Hardcore 8.250 €315,931 GYMSPA ex Axa Abloy NA 31-Oct-2023 €0 Unrounded €146,550 Let 369 Hardcore 8.250 €1,761,414 Total €55,856 €216,760 €2,580,232

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 14 Rue de la Grande Borne – 77990 Le Mesnil Amelot, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Co-ownership Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq Lease Lease Break Gross income Lease comments m) Expiry option € pa (€/sq m/pa) TP 440 31/10/21 31/10/15 31,390 ENVIRONNEMENT ALSTEF 440 30/09/18 30/09/15 33,754 GLOBAL AIR 440 01/05/21 01/05/18 30,819 SERVICES VACANT 443 1,763 95,963

Location : The property is situated on Rue de la Grande Borne in the commune of Mesnil Amelot.

The commune of Le Mesnil Amelot is located in the Seine-et-Marne department approximately 40km from central Paris.

Le Mesnil Amelot is a small town located to the North of Paris within close proximity to the Roissy Charles de Gaulle airport and occupies 9.84 sq km.

The immediate surroundings are mainly composed of warehousing and light industrial premises, as well as retail parks.

The property benefits from excellent road access with the A1 highway located 5 minutes away from the subject property.

Description : The property is a mix of light industrial and office areas dating back to 1992.

The property has a total lettable area of 1,763 sq. m with 1,070 sq. m of light industrial premises and 693 sq. m of office space. It has 23 car spaces.

The property comprises 4 units of approximately 440 sq m each.

Office Areas:

The office accommodation benefits from good natural light and offers standard fixtures and fittings:

‹ Carpeted or tiled floors. ‹ Painted walls, removable partitioning. ‹ Suspended ceilings with recessed lighting. ‹ Electric heaters.

Light Industrial Areas:

The light industrial areas are located on the ground floor. They benefit from a good floor to ceiling height and forced-air heaters.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 1,070 sq m 61% Offices 693 sq m 39%

Total 1,763 sq m 100%

The property is complemented by 23 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1992 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/S property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under AH 226 section for inspected woodwork, exposed parts a total area of 7,585 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We have not been provided with used, or are present, in any part of any information regarding planning. the Property. We are unable, therefore, to give any assurance that We have assumed that the current the Property is free from defect. and historical use of the subject property is in compliance with the We have considered that on the allowed uses, as set out in the Local basis of the capital expenditure Plan (Plan Local d’Urbanisme). budget retained, the property will not be subject to any other We are not aware of any issues that renovation works over the next ten would adversely impact upon the years with the exception of value of the property. maintenance works.

Condition: The building is in average to very Mandatory In the frame of our study, we have good state of repair considering its verifications: been informed of any mandatory age. verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from the French Issues: services, made independent site Departmental road D401. investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Well located near the main French • Property held in co-ownership international Airport • The property is more than 20 years old and can • Good road accesses. suffer from some structural problems despite • The property is 75% multi let. regular maintenance works. • No capital expenditures budgeted. • The property does not present any long term lease with firm period remaining.

Competition Adjacent Uses Main competition is located in the following zones or • Light industrial properties. cities: • RER B railway serving Paris. • Roissy Charles de Gaulle International Airport. • Roissy Pole including the activities resulting • from the main French International Airport. Hotel accommodation (Radisson Blu for example) • Restaurants. • Mitry Mory including the activity zone of la • The neighbourhood is also significantly Villette-aux-Aulnes and the industrial zone of represented by residential accommodations. Mitry-Compans • Epiais-les Louvres

• Moussy le Neuf and Moussy le Vieux

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation. Total Gross Rental Income €95,963 Total Net Rental Income: €82,223 Total gross ERV: €123,400 Total Net ERV: €122,166 Equivalent Yield: 9.23% Net Initial Yield: 6.35% WAULT 5.67 years WABO 1.69 years Market Value - Net of purchaser’s costs@ (rounded) €1,210,000 6.90% : Indicative Reinstatement Cost €1,250,000 Vacant Possession Value €975,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Le Mesnil Amelot,14,14 Rue de la Grande Borne,LE MESNIL AMELOT,77990 File/Ref No FRA-025

Gross Valuation €1,294,822 Capital Costs €0 Net Value Before Fees €1,294,822

Less Stamp Duty @6.90% of Net Value -€83,576

Net Valuation €1,211,246 Say €1,210,000

Equivalent Yield 9.2293% True Equivalent Yield 9.7742% Initial Yield (Deemed) 6.3501% Initial Yield (Contracted) 6.3501% Reversion Yield 9.4350%

Total Contracted Rent €95,963 Total Current Rent €95,963 Total Rental Value €123,400 No. Tenants 4 Capital value per m² €686.33

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €95,963 €82,223 6.3501 % 6.6104 % 01-Sep-2015 €95,963 €90,079 6.9569 % 7.2702 % 01-Dec-2015 €126,963 €121,079 9.3510 % 9.9242 % 01-Sep-2016 €126,963 €125,729 9.7101 % 10.3293 % 01-Oct-2018 €124,009 €122,775 9.4820 % 10.0717 % 02-May-2021 €123,990 €122,756 9.4805 % 10.0701 % 01-Nov-2021 €123,400 €122,166 9.4350 % 10.0187 %

Yields based on €1,294,822

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant ex BH Catering (ex F.P.C. Fran 01-Dec-2015 31-Aug-2024 €0 Rounded €31,000 Vacant Hardcore 10.000 €266,155 TP Environnement (exAirops ex FOUR NA 31-Oct-2021 €31,390 Rounded €30,800 Let 369 Hardcore 9.000 €341,744 Global Air Services (ex:SETCARGO IN NA 01-May-2021 €30,819 Rounded €30,800 Let 369 Hardcore 9.000 €338,890 Alstef (ex Setcargo) NA 30-Sep-2018 €33,754 Rounded €30,800 Let 369 Hardcore 9.000 €348,034 Total €95,963 €123,400 €1,294,822

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 26 Allées du Clos des Charmes, 77090 Collégien

Inspection: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Co-ownership Main Tenant / Tenant AEROSPACE Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) ADN PESAGE 452 sq m 30/06/20 30/06/2017 €33,827 AMITOURS 201 sq m 10/07/20 10/07/2017 €16,117 MEDIAMARNE 201 sq m 31/03/17 31/03/2017 €18,271 Judicial liquidation dated MATEA 260 sq m 30/09/20 30/09/2017 €20,679 15/09/2014 Notice given on OBJECTIF 21/05/14 and taken into 74 sq m 31/12/14 31/12/2014 €7,716 PROPRETE account beginning 31/12/14 ADMEA 493 sq m 14/10/17 14/10/2017 €40,704 ALIGN Annual indexation at AEROSPACE 1,947 sq m 30/06/22 30/06/2016 €153,750 2,5%.

LOTRASER 62 sq m 14/07/22 14/07/2016 €5,000 VACANT 645 sq m TOTAL 4,023 sq m €296,067

Location : The subject property is located at circa 30 kilometers from Paris, in the Department of “Seine et Marne” (77), in the city of Collégien. The town has a population of 3,129 (INSEE 2011).

The subject property is located in the industrial zone “ZA Les Portes de la Forêt”, at the North of the city, just next to the highways A4 and A104. This park was developed in the 1980s and in the 1990s. It is an important tertiary area including warehouses, light industrial, commercial and office buildings. This zone comprises large companies as well as medium and small ones.

The property is more precisely located at 13/15, Allée du Clos des Charmes. Its immediate surroundings are composed of mixed-use buildings (office and light industrial).

Regarding the road accessibility, this area benefits from excellent road access. The highways A4 and A104 are within a close vicinity to the subject property.

Public transportation, the RER station “Torcy” is located 2 Km North West from the subject property.

Description : The property is composed of 2 distinct light industrial / office buildings (A and C), both built in 1987.

Presenting a rectangular shape, both of the buildings comprise a ground floor, a terraced roof, concrete frame construction, with stapled stonewalls façades and aluminum frame double glazed windows.

Building A yields some 1,572 sq m of lettable area (1,249 sq m of light industrial areas and 323 sq m of office areas).

Building C yields some 520 sq m of lettable area (426 sq m of light industrial areas and 94 sq m of office areas).

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2 854 sq m 71% Offices 1 169 sq m 29% Total 4 023 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1987 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2009 (renovation of unit A2) property to determine the planning status of the property. Technical In Q4 2014, a technical due issues : diligence was commissioned to We note that the subject property is identify any technical issue. We registered under AH 108 section for have not been provided with the a total area of 5,130 sq m. conclusion of this technical due diligence and reserve the right to Please see Appendix 3 to consult the amend the valuation report in cadastral map of the subject accordance accordingly. property.

We have considered that on the Planning: We note that according to the town basis of the capital expenditure planning (PLU), approved 16th budget retained, the property will November 2006, the subject not be subject to any other property is located in the zone UIx. renovation works over the next ten years with the exception of We note that the current and maintenance works. historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair considering its age. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure in the heart of Contamination carried out structural surveys, tested Infrastructure: the industrial zone “ZA Les Portes de Issues: services, made independent site la Forêt”. investigations, inspected woodwork, exposed parts of the structure which The property has a convenient road were covered, unexposed or and transport network. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Good offices ratio (30% of the total surface • The industrial zone “ZA Les Portes de la Forêt” areas); dates back from the 1990’s and lacks • Good flexibility of the premises (10 cells for dynamism ; the light industrial surfaces); • Competition from the other light industrial • Good location with excellent road access properties located in the surroundings; across the A14 highway. • Development of new industrial parks in the surroundings.

Competition Adjacent Uses

• Main competition is located in the ZI and in • Light industrial premises the surrounding light industrial areas: Lognes, • Light industrial business park Torcy and Croissy-Beaubourg. • Warehouse premises • The competitions have similar quality building second hand premises with good road access.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

5 ALLEE JEAN MONNET 77090 COLLEGIEN Area : 1861 sq m Rent : 67 €/sq m / pa excluding taxes and charges Réf 55431 1 Tenant: DHL SOLUTION Photo Landlord : N/C State of repair : Adequate state of repair Transaction date: 03/07/2012

47 ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN Area : 841 sq m Rent : 59 €/sq m / pa excluding taxes and charges Réf 55537 2 Tenant: PREFA ENERGY ELEC Photo Subject property Landlord : LA FRANCAISE AM State of repair : Adequate state of repair Transaction date: 10/07/2012

7 ALLEE DES CARRIERES 77090 COLLEGIEN Area : 440 sq m Rent : 79 €/sq m / pa excluding taxes and charges Réf 56814 3 Tenant: SIGNACRIPT Photo Landlord : N/C State of repair : Refurbished Transaction date: 06/11/2012 PARC D ACTIVITE DES PORTES DE LA FORET - ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN

Area : 372 sq m Réf 59869 Rent : 59 €/sq m / pa excluding taxes and charges 4 Tenant: VAPOSTORE Photo

Landlord : N/C State of repair : Adequate state of repair Transaction date: 13/06/2013 2 ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN Area : 252 sq m Rent : 80 €/sq m / pa excluding taxes and charges Réf 61497 5 Tenant: ADHE.COM Photo Landlord : SNC PION State of repair : Refurbished Transaction date: 04/10/2013

4 ALLEE JEAN MONNET 77090 COLLEGIEN Area : 1160 sq m Rent : 80 €/sq m / pa excluding taxes and charges Réf 64958 6 Tenant: LETOURNEUR SA Photo Landlord : SCI LA BELLE AUDREY State of repair : Refurbished Transaction date: 25/06/2014

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions

LE COLLEGIEN II - 51 ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN Area : 350 sq m Rent : 69 €/sq m / pa excluding taxes and charges Réf 65771 7 Tenant: CAFE COTON Photo Landlord : LA FRANCAISE AM State of repair : Adequate state of repair Transaction date: 04/08/2014

6 ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN Owner-occupier sale transaction

Area : 2755 sq m Réf 65845 Subject property Net Price : 670 €/sq m 8 Tenant: PANKARTE PLV Photo

Landlord : SCI MOVA State of repair : Adequate state of repair Transaction date: 01/09/2014 13-15 ALLEE DU CLOS DES CHARMES 77090 COLLEGIEN Area : 255 sq m Rent : 75 €/sq m / pa excluding taxes and charges Réf 67001 9 Tenant: COMALEC Photo Landlord : N/C State of repair : Adequate state of reapir Transaction date: 05/11/2014

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €250,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €296,068 Total Net Rental Income: €284,433 Total gross ERV: €292,720 Total Net ERV: €289,793 Equivalent Yield: 9.28% Net Initial Yield: 9.80% WAULT 5.95 WABO 2.02 Market Value - Net of purchaser’s costs@ (rounded) €2,715,000 6.90% : Indicative Reinstatement Cost €3,040,000 Vacant Possession Value €1,990,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Collegien,26,Allée du Clos des Charmes,ZA des Portes de la Forêt,Collegien,77090 File/Ref No FRA-010

Gross Valuation €3,151,852 Capital Costs -€250,000 Net Value Before Fees €2,901,852

Less Stamp Duty @6.90% of Net Value -€187,304

Net Valuation €2,714,548 Say €2,715,000

Equivalent Yield 9.2811% True Equivalent Yield 9.8503% Initial Yield (Deemed) 9.8018% Initial Yield (Contracted) 9.8018% Reversion Yield 9.9865%

Total Contracted Rent €296,068 Total Current Rent €296,068 Total Rental Value €292,720 No. Tenants 9 Capital value per m² €674.87

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €296,068 €284,433 9.8018 % 10.4330 % 01-Jan-2015 €288,351 €274,781 9.4692 % 10.0572 % 01-Jun-2015 €288,351 €279,994 9.6488 % 10.2600 % 01-Jul-2015 €288,351 €281,929 9.7155 % 10.3353 % 01-Sep-2015 €311,651 €305,229 10.5184 % 11.2480 % 01-Oct-2015 €316,831 €310,409 10.6969 % 11.4522 % 01-Jun-2016 €316,831 €313,904 10.8174 % 11.5902 % 01-Apr-2017 €312,660 €309,733 10.6736 % 11.4255 % 30-Sep-2017 €291,980 €282,254 9.7267 % 10.3480 % 15-Oct-2017 €285,775 €276,049 9.5128 % 10.1065 % 30-Mar-2018 €285,775 €282,848 9.7471 % 10.3712 % 30-Jun-2018 €303,975 €301,048 10.3743 % 11.0835 % 29-Sep-2019 €301,747 €298,820 10.2976 % 10.9960 % 01-Jul-2020 €285,630 €282,703 9.7422 % 10.3655 % 01-Oct-2020 €299,730 €296,803 10.2280 % 10.9169 % 01-Jul-2022 €145,980 €143,053 4.9297 % 5.0854 % 15-Jul-2022 €145,320 €142,393 4.9070 % 5.0612 % 01-Sep-2022 €292,720 €289,793 9.9865 % 10.6423 %

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Yields based on €2,901,852

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant h NA 31-May-2024 €0 Rounded €23,300 Vacant Hardcore 10.000 €207,514 OBJECTIF PROPRETE c NA 31-Dec-2014 €7,717 Rounded €5,180 Futur vacant Hardcore 9.750 €48,350 Mediamarne j NA 31-Mar-2017 €18,271 Rounded €14,100 Let 369 small caps Hardcore 9.500 €155,316 Matea i NA 30-Sep-2020 €20,680 Rounded €18,200 Let 369 small caps Hardcore 9.500 €183,368 Lotraser ( ex vacant) a NA 14-Jul-2022 €5,000 Rounded €4,340 Let 369 small caps Hardcore 9.500 €48,696 Amitour (ex-DICHY GROUPE) e NA 30-Jun-2020 €16,117 Rounded €14,100 Let 369 small caps Hardcore 9.500 €153,371 Align - AeroSpace b NA 30-Jun-2022 €153,750 Rounded €147,400 Let 369 Align Hardcore 9.000 €1,643,102 Admea f NA 14-Oct-2017 €40,705 Rounded €34,500 Let 369 small caps Hardcore 9.500 €374,511 ADN pesage (ex WO & WO) d NA 30-Jun-2020 €33,828 Rounded €31,600 Let 369 small caps Hardcore 9.500 €337,624 Total €296,068 €292,720 €3,151,852

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 3

Address: 4 Rue Anatole Sigonneau / 183 Avenue Descartes, 93150 Le Blanc Mesnil

Inspection: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Co-ownership Tenant / Tenant Covenant: RELAIS H / CA2E / K PAR K / GREGOIRE

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) Annual indexation of RELAIS H 1,087 sq m 31/03/16 31/03/2016 €85,177 maximum 3%. RELAIS H 336 sq m 31/03/16 31/03/2016 €25,607 CA2E 713 sq m 31/08/19 31/08/2016 €50,412 K PAR K 1,463 sq m 31/07/16 31/07/2016 €121,100 GREGOIRE 1,128 sq m 14/11/20 14/11/2017 €82,620 TOTAL 4,727 sq m €364,918

Location : The property is located on Rue Anatole Sigonneau / Avenue Descartes in the commune of Le Blanc Mesnil.

The commune of Le Blanc Mesnil is located approximately 24Km North of Paris, within close proximity to the Roissy Charles de Gaulle airport. Le Blanc Mesnil is located in the Seine-Saint Denis department.

Le Blanc Mesnil has 51,900 inhabitants (INSEE, 2011) and the economic activity consists of large international firms such as Miele, Techmohygiène, DHL, Vente Privée and Sicli.

The immediate environment is mainly composed of warehousing and light industrial premises, as well as retail parks. Out of the activity parks, the environment is mostly housing.

The property benefits from excellent road access with the A1 highway located minutes away from the subject property. Regarding the public transportation, there is no metro or train station in the surroundings and the access is mainly by bus (bus 360).

Description : The property is a mix of light industrial and office areas dating from September 2006.

The property has a lettable surface area of 4,727 sq. m.

At valuation date, the property is 100% let.

Office areas The office accommodation benefits from good natural lighting and offers standard fixtures and fittings: • Carpeted floors; • Painted walls, demountable partitioning; • Suspended ceilings with recessed lighting; • Electric heaters.

Light industrial areas The light areas are located on the ground floor and yield some 4,146 sq. m. The light industrial areas benefit from oil heaters, loading doors and a clear height under ceiling of 8 meters.

Accommodation For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 6 289 sq m 79% Offices 1 704 sq m 21% Total 7 993 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 2006 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2009 / 2010 / 2011 property to determine the planning status of the property. Technical In Q4 2014, a technical due issues : diligence was commisioned to We note that the subject property is identify any technical issue. We registered under section AD 155 for have not been provided with the a total area of 10,440 sq m. conclusion of this technical due diligence and reserve the right to Please see Appendix 3 to consult the amend the valuation report in Planning: cadastral map of the subject accordance accordingly. property.

We have considered that on the We note that according to the town basis of the capital expenditure planning (PLU), approved the 3rd budget retained, the property will December 2007 and lastly revised not be subject to any other the 23rd June 2011, the subject renovation works over the next ten property is located in the zone UIa. years with the exception of maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair and benefits from the verifications: not been informed of any decennial guarantee. mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very goof exposure in the North of Contamination carried out structural surveys, tested Infrastructure: Paris in the nearness of the Charles Issues: services, made independent site de Gaulle Airport. investigations, inspected woodwork, exposed parts of the structure which The property benefits from a good were covered, unexposed or road access via the A1 highway. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Property fully let; • Poor public transportation network in the • The property benefits from the decennial surroundings. guarantee; • Good location in an established light industrial area; • Good office ratio (12%); • Good access road to the A86 and A1 highways; • The demand of light industrial premises is usually high in this area.

Competition Adjacent Uses

• Still high vacancy ratio on neighbouring • Light industrial properties • Small logistics - Segro Garonord properties • Parcel services - Blackstone LogiCor Garonord Est.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

PARC JEAN PERRIN - 1 RUE JEAN PERRIN 93150 LE BLANC MESNIL Area : 788 sq m Rent : 63€/sq m/ pa excluding taxes and charges Réf 53427 1 Tenant : FREDA Photo Landlord : VANITEX State of repair : Adequate state of repair Transaction date: 01/02/2012

PARC JEAN PERRIN - 1 RUE JEAN PERRIN 93150 LE BLANC MESNIL Area : 580 sq m Rent : 63 €/sq m / pa excluding taxes and charges Réf 57639 2 Tenant : CRAVATATAKILLER Photo Landlord : SCI JP BLANC MESNIL State of repair : Refurbished Transaction date: 15/12/2012

1 AVENUE ARMAND ESDERS 93150 LE BLANC MESNIL Area : 3177 sq m Rent : 72 €/sq m / pa excluding taxes and charges Réf 57640 Subject property 3 Tenant : BLANC MESNIL DISTRIBUTION Photo Landlord : SCI BT IMMO

2 State of repair : Adequate state of repair 1 Transaction date: 15/12/2012 13 AVENUE ALBERT EINSTEIN 93150 LE BLANC MESNIL Area : 5000 sq m Net Price : 900 €/sq m Réf 63325 4 Tenant : ELEVEN PARIS Photo Landlord : SCI ALBERT EINSTEIN State of repair : Refurbished Transaction date: 19/02/2014

5-7 AVENUE ARMAND ESDERS 93150 LE BLANC MESNIL Area : 8000 sq m Rent : 58 €/sq m / pa excluding taxes and charges Réf 65005 5 Tenant : DHL FREIGHT Photo Landlord : ZIEGLER FRANCE State of repair : Adequate state of repair Transaction date: 27/06/2014

PARC JEAN PERRIN - 1 RUE JEAN PERRIN 93150 LE BLANC MESNIL Area : 1389 sq m Rent : 55 €/sq m / pa excluding taxes and charges Réf 65814 6 Tenant : N/C Photo Landlord : SCI JP BLANC MESNIL State of repair : Adequate state of repair Transaction date: 03/09/2014

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €364,917 Total Net Rental Income: €361,608 Total gross ERV: €330,900 Total Net ERV: €327,591 Equivalent Yield: 7.85% Net Initial Yield: 8.54% WAULT 2.96 WABO 1.87 Market Value - Net of purchaser’s costs@ (rounded) €3,955,000 6.90% : Indicative Reinstatement Cost €3,510,000 Vacant Possession Value €3,000,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Le Blanc Mesnil,2,Rue Anatole Sigonneau / Av Descartes,Le-Blanc-Mesnil,93150 File/Ref No FRA-024

Gross Valuation €4,230,030 Capital Costs €0 Net Value Before Fees €4,230,030

Less Stamp Duty @6.90% of Net Value -€273,033

Net Valuation €3,956,997 Say €3,955,000

Equivalent Yield 7.8500% True Equivalent Yield 8.2562% Initial Yield (Deemed) 8.5486% Initial Yield (Contracted) 8.5486% Reversion Yield 7.7444%

Total Contracted Rent €364,917 Total Current Rent €364,917 Total Rental Value €330,900 No. Tenants 5 Capital value per m² €836.51

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €364,917 €361,608 8.5486 % 9.0256 % 01-Apr-2016 €355,839 €352,530 8.3340 % 8.7869 % 01-Aug-2016 €337,139 €333,830 7.8919 % 8.2971 % 01-Feb-2019 €335,032 €331,723 7.8421 % 8.2421 % 01-Sep-2019 €284,620 €281,311 6.6503 % 6.9362 % 01-Dec-2019 €334,520 €331,211 7.8300 % 8.2287 % 15-Nov-2020 €330,900 €327,591 7.7444 % 8.1343 %

Yields based on €4,230,030

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Relais H NA 31-Jan-2019 €25,607 Rounded €23,500 Blanc mesnil 369 2 Hardcore 7.850 €303,620 RELAIS H NA 31-Mar-2016 €85,178 Rounded €76,100 Blanc mesnil 369 2 Hardcore 7.850 €970,817 K PAR K NA 31-Jul-2016 €121,100 Rounded €102,400 Blanc mesnil 369 2 Hardcore 7.850 €1,319,605 Gregoire (ex-Harry Cover) NA 14-Nov-2020 €82,620 Rounded €79,000 Blanc mesnil 369 2 Hardcore 7.850 €1,013,017 CA2E NA 31-Aug-2019 €50,412 Rounded €49,900 Blanc mesnil 369 2 Hardcore 7.850 €622,970 Total €364,917 €330,900 €4,230,030

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 6/30 Rue Roger Salengro – 94120, Fontenay-sous-Bois, France

Inspected on: 27 November 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) CER PARIS SUD 556 31/12/22 31/12/18 57,840 PRO URBA 346 31/12/16 31/12/16 32,585 SFCP 1,337 31/03/23 31/03/17 95,000 AU DELA DU VIRTUEL (EX AIR 396 31/03/22 31/03/16 27,720 ECO PLUS - EX TIXIT) INTECH 248 31/05/23 31/05/18 20,000 APC 200 31/01/13 31/05/15 28,372 S.N.A.A. 313 31/12/19 31/12/16 31,970 G.N.C.A. 261 30/04/17 30/04/17 24,572 FNCS/BTP 389 31/08/15 31/08/15 37,655 SHOP FNCS/BTP 160 31/08/15 31/08/15 11,415 SHOP M7 REAL 114 31/10/23 31/10/17 8,550 ESTATE VACANT 1,006 5,326 375,679

Location : Fontenay-sous-Bois is situated in the French department of Val de Marne in the Paris region and has a population of approximately 51,000.

The property is located circa 18km to the east of central Paris. The subject property is well located about 1km from the A86 which forms part of the Paris ring road, providing connections to all other major thoroughfares.

The surrounding area provides a mixture of use classes including office, residential and light industrial premises. In terms of public transport, the Val de Fontenay train station is situated at approximately 400m from the subject property. This station benefits from two major RER lines, A and E, which provide a regular suburban rail service into the centre of Paris.

The “Zone à Urbaniser en Priorité” and the shopping centre du Val de Fontenay are situated at approximately 500 m and 600 m respectively from the subject property.

Description : The property comprises a light industrial building, dating from 1982. The building has been constructed using a steel portal frame with a flat roof. The elevations are clad with metallic panels and the units are subdivided with breeze-blocks. The façade is of metallic panels. The windows have aluminium frames and are double glazed.

The property provides open plan office accommodation and light industrial premises arranged over the ground and first floor. The total area is 5,326 sq. m of which 2,333 sq. m is office space and 2,993 sq. m is light industrial space.

The accommodation is generally open plan with some demountable partitioning creating cellular office space with natural light.

The specification of the office premises generally includes suspended ceilings and fluorescent lighting. The floor covering is carpet. The specification of the light industrial premises includes suspended lights and solid concrete floors. The floor space is rectangular in shape.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,993 sq m 56% Offices 2,333 sq m 44%

Total 5,326 sq m 100%

The property is complemented by 59 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1982 Cadastral We have identified the land references: cadastral references of the subject Refurbished: Roof renovated in 2005 property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under BJ 429 sections for inspected woodwork, exposed parts a total area of 7,170 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the used, or are present, in any part of Urban Plan certificate (PLU), the Property. We are unable, approved the 26 October 2007 and therefore, to give any assurance that lastly revised the 27 June 2013 the the Property is free from defect. subject property is located in the zoning area UFb. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan Local d’Urbanisme). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in good state of Mandatory In the frame of our study, we have repair considering its age. verifications: been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from the A86 motorway. Issues: services, made independent site investigations, inspected woodwork, The property has an excellent road exposed parts of the structure which and convenient transport network. were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is more than 30 years old and can • Well located in the activity zone “Salengro”. suffer from some structural problems despite • Very good road and good transport network. regular maintenance works. • Located close to an Intermarché supermarket • Budget of €195,000 is needed and budgeted. delivered in 2014. • The property is 19% vacant. • Located close to a well-established shopping • The property does not present any long term mall. lease with firm period remaining. • The property is 81% multi let. • Tenancy risk diversified.

Competition Adjacent Uses • The city of Fontenay-sous-Bois includes 9 • To the North of the property, there is supermarket main activity zones located on each side of operated by Intermarché. It opened in 2014. the A86 motorway. Before the construction of this supermarket, there • The zone named “Salengro” where the was an industrial property. subject property is located is situated to the • To the south of the property, there is another South of this large area. It is bordered to the supermarket. It is operated by LIDL. East by the A86 motorway and to the North • The neighbourhood is also massively represented by the zone named Val-de-Fontenay. by residential accommodations. • Val-de-Fontenay can be considered as better located as it is better served by public transport. • The properties are better located in the zone “La Pointe” but the properties generally present a worse state of repair than the one located in “Salengro”.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €195,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV to begin at the date of valuation. Total Gross Rental Income €375,679 Total Net Rental Income: €331,029 Total gross ERV: €385,970 Total Net ERV: €378,251 Equivalent Yield: 8.91% Net Initial Yield: 8.11% WAULT 5.28 years WABO 2.22 years Market Value - Net of purchaser’s costs@ (rounded) €3,815,000 6.90% : Indicative Reinstatement Cost €4,670,000 Vacant Possession Value €2,965,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Fontenay Salengro 1,6/30,Avenue de Salengro,Fontenay-Sous-Bois,94120 File/Ref No FRA-017

Gross Valuation €4,275,077 Capital Costs -€195,000 Net Value Before Fees €4,080,077

Less Stamp Duty @6.90% of Net Value -€263,354

Net Valuation €3,816,724 Say €3,815,000

Equivalent Yield 8.9138% True Equivalent Yield 9.4342% Initial Yield (Deemed) 8.1133% Initial Yield (Contracted) 8.1133% Reversion Yield 9.2707%

Total Contracted Rent €375,679 Total Current Rent €375,679 Total Rental Value €385,970 No. Tenants 13 Capital value per m² €716.30

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €375,679 €331,029 8.1133 % 8.5420 % 20-May-2015 €347,307 €295,315 7.2380 % 7.5776 % 01-Sep-2015 €337,152 €311,531 7.6354 % 8.0142 % 20-Nov-2015 €337,152 €318,873 7.8154 % 8.2125 % 01-Dec-2015 €407,552 €389,273 9.5408 % 10.1380 % 20-Feb-2016 €421,552 €403,273 9.8839 % 10.5261 % 01-Sep-2016 €421,552 €413,833 10.1428 % 10.8199 % 01-Jan-2017 €413,167 €405,448 9.9373 % 10.5865 % 01-May-2017 €406,895 €399,176 9.7835 % 10.4123 % 01-Jan-2020 €396,825 €389,106 9.5367 % 10.1334 % 05-Oct-2021 €398,210 €390,491 9.5707 % 10.1717 % 01-Apr-2022 €400,590 €392,871 9.6290 % 10.2376 % 01-Jan-2023 €384,510 €376,791 9.2349 % 9.7936 % 01-Apr-2023 €385,600 €377,881 9.2616 % 9.8236 % 01-Jun-2023 €385,400 €377,681 9.2567 % 9.8181 % 01-Nov-2023 €385,970 €378,251 9.2707 % 9.8338 %

Yields based on €4,080,078

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant (exEASYDENTIC) NA 31-Aug-2024 €0 Rounded €14,000 Vacant Hardcore 9.750 €121,102 VACANT (EX - HTY CORPORATION) NA 31-Aug-2024 €0 Rounded €56,400 Vacant Hardcore 9.750 €487,861 SFCP NA 31-Mar-2023 €95,000 Unrounded €96,090 Let Hardcore 8.750 €1,069,943 S.N.A.A. NA 31-Dec-2019 €31,970 Rounded €21,900 Let Hardcore 8.750 €285,231 PRO URBA NA 31-Dec-2016 €32,585 Rounded €24,200 Let Hardcore 8.750 €286,405 M7 REAL ESTATE (ex-easydentic)" NA 31-Oct-2023 €8,550 Rounded €9,120 Let Hardcore 8.750 €98,713 INTEC NA 31-May-2023 €20,000 Rounded €19,800 Let Hardcore 8.750 €222,925 G.N.C.A. NA 30-Apr-2017 €24,572 Rounded €18,300 Let Hardcore 8.750 €218,112 FNCS (ex-easydentic) NA 04-Oct-2021 €11,415 Rounded €12,800 Let Hardcore 8.750 €136,446 FNCS (ex-IDF DIFFUSION) NA 31-Aug-2015 €37,655 Rounded €27,500 Let Hardcore 8.750 €315,076 CER PARIS SUD NA 31-Dec-2022 €57,840 Unrounded €41,760 Let Hardcore 8.750 €558,199 Au dela du Virtuel NA 31-Mar-2022 €27,720 Rounded €30,100 Let Hardcore 8.750 €324,624 APC NA 19-May-2015 €28,372 Rounded €14,000 Let Hardcore 8.750 €150,439 Total €375,679 €385,970 €4,275,077

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 83 avenue de Neuilly – 94120, Fontenay-sous-Bois, France

Inspected on: 27 November 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) Annual indexation at LOW AND CO 580 30/11/22 30/11/19 240,000 2.5% pa 2,833 240,000

Location : Fontenay-sous-Bois is situated in the French department of Val de Marne in the Paris region and has a population of approximately 51,000.

The “Zone à Urbaniser en Priorité” and the shopping centre du Val de Fontenay are situated at approximately 1.4km and 1.2km respectively from the subject property.

Description : The property comprises a purpose built light industrial building, dating from 1983. The building has been constructed using a steel portal frame with a flat roof and a reinforced concrete floor. The elevations are clad with metallic panels, concrete blocks and breeze-blocks dividing the units. The façade is a mix of metallic panels and brickwork. The windows have aluminium frames and are double glazed.

The property provides open plan office accommodation arranged over the ground and first floor. The light industrial premises are on the ground floor. The floor space is rectangular.

The accommodation is generally open plan with some demountable partitioning creating cellular office space with natural light. The property has undergone some internal refurbishment.

The total area is 2,833 sq m of which 815 sq m is office space and 2,018 sq m is light industrial accommodation.

The specification of the office premises generally includes suspended ceilings with recessed lighting and comfort cooling in some places. The flooring is a mix of rubber, carpet and tiles. The specification of the light industrial premises includes suspended lighting and solid concrete floors. The floor space is rectangular in shape.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,018 sq m 71% Offices 815 sq m 29%

Total 2,833 sq m 100%

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1983 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/S property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under BJ 424 sections for inspected woodwork, exposed parts a total area of 3,817 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been We note that according to the used, or are present, in any part of Planning: Urban Plan certificate (PLU), the Property. We are unable, approved the 26 October 2007 and therefore, to give any assurance that lastly revised the 27 June 2013 the the Property is free from defect. subject property is located in the zoning area UFb. We have considered that on the basis of the capital expenditure Despite the specific activity currently budget retained, the property will led in the premises we assumed that not be subject to any other the current and historical use of the renovation works over the next ten subject property is in compliance years with the exception of with the allowed uses, as set out in maintenance works. the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in very good state of Mandatory In the frame of our study, we have repair considering its age. The verifications: been informed of any mandatory internally finishings is very well verification considering the subject maintained and comply with property. tenant’s needs.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from the A86 motorway. Issues: services, made independent site investigations, inspected woodwork, The property has an excellent road exposed parts of the structure which and convenient transport network. were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is more than 30 years old and can • Well located in the activity zone “Salengro”. suffer from some structural problems despite • Very good road and good transport network. regular maintenance works. • Located near an Intermarché supermarket • No capital expenditures budgeted. delivered in 2014. • Tenancy risk not diversified. • Located close to a well-established shopping mall. • Lease recently renewed in December 2013. • The property is 100% let to one single tenant. • The property presents a firm lease length remaining of 6 years.

Competition Adjacent Uses • The city of Fontenay-sous-Bois includes 9 • To the North of the property, there is supermarket main activity zones located on each side of operated by Intermarché. It opened in 2014. the A86 motorway. Before the construction of this supermarket, there • The subject property is located to the South was an industrial property. border of the zone named “Salengro”. • There is another supermarket operated by LIDL in • The zone named “Salengro” where the the neighbourhood. subject property is located is situated to the • The neighbourhood is also massively represented South of this large area. It is bordered to the by residential accommodations and each East by the A86 motorway and to the North inhabitant is a potential customer for the tenant. by the zone named Val-de-Fontenay. • Val-de-Fontenay can be considered as better located as it is better served by public transport. • Due to the specific activity of the tenant, a single unit of about 2,000 sq m is not common and as a consequence, the subject property benefits from a significant competitive advantage.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV to begin at the date of valuation. Total Gross Rental Income €240,000 Total Net Rental Income: €235,223 Total gross ERV: €238,865 Total Net ERV: €234,088 Equivalent Yield: 8.00% Net Initial Yield: 8.28% WAULT 8 years WABO 5 years Market Value - Net of purchaser’s costs@ (rounded) €2,660,000 6.90% : Indicative Reinstatement Cost €2,240,000 Vacant Possession Value €2,060,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Fontenay Ionics,83,Rue de Neuilly,Fontenay-Sous-Bois,94380 File/Ref No FRA-021

Gross Valuation €2,842,141 Capital Costs €0 Net Value Before Fees €2,842,141

Less Stamp Duty @6.90% of Net Value -€183,450

Net Valuation €2,658,691 Say €2,660,000

Equivalent Yield 8.0000% True Equivalent Yield 8.4126% Initial Yield (Deemed) 8.2763% Initial Yield (Contracted) 8.2763% Reversion Yield 8.2363%

Total Contracted Rent €240,000 Total Current Rent €240,000 Total Rental Value €238,865 No. Tenants 1 Capital value per m² €938.93

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €240,000 €235,223 8.2763 % 8.7227 % 01-Dec-2022 €0 -€4,777 -0.1681 % -0.1683 % 01-Sep-2023 €238,865 €234,088 8.2363 % 8.6784 %

Yields based on €2,842,141

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold LOW & CO (ex-IONICS) NA 30-Nov-2022 €240,000 Unrounded €238,865 Low & Co Hardcore 8.000 €2,842,141 Total €240,000 €238,865 €2,842,141

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 1, Avenue George Clemenceau, 93420 Villepinte

Inspection: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Freehold Tenant / Tenant Covenant: AYME IDF / LES RESTOS DU CŒUR / GAP

Tenancy Accommodation Lettable Lease Break Gross income Lease comments Area (sq m) Expiry Option € pa (€/sq m/pa) AYME IDF (EX LAPOSTE) 1,078 31/08/18 31/08/15 €52,625 Indexation with a maximum of 3%. AYME IDF (EX LAPOSTE) 1,275 31/08/18 31/08/15 €49,479 On lease start refurbishment works paid by the owner: an amount of LES RESTOS DU COEUR 2,441 30/09/19 30/09/16 €136,654 €26,000 for the office premises and (EX A PRODIS) €30,000 for the construction of a secured access ramp. On lease start renovation works paid GAP 2,419 29/02/20 28/02/17 €128,323 by the owner: air conditioning (€64,000), TI's( €25,000). TOTAL 7,213 €367,083

Location : The property is located at 1, Avenue George Clémenceau in the commune of Villepinte.

The commune of Villepinte is located in the Seine-Saint-Denis department approximately 34Km from Paris.

The city of Villepinte accommodates 33,900 inhabitants (INSEE 2014). The economic activity is mainly concentrated in the large industrial area where important companies such as l’Oréal are established. This commune also comprises one of the largest industrial parks “Paris Nord II”.

The property is located in the close proximity of the Roissy Charles de Gaulle airport. The area is mainly composed of warehousing and light industrial premises, as well as retail parks. Outside of the activity parks, the environment prevailing is mostly represented by housing.

The property benefits from excellent road access with the A1 highway and the A104 located minutes away from the subject property.

Description : The property is a mix of light industrial and office areas dating from 1979.

The property is composed of 6 lots of a surface area comprised between 1,200 and 2,400 sq. m.

Office areas

The office accommodation benefits from good natural lighting and offers standard fixtures and fittings: - Carpeted floors or tile floors; - Flexible partitioning; - Suspended ceilings with recessed lighting; - Electric heaters

Light industrial areas

The light areas are located on the ground floor. The premises benefit from oil heaters and loading docks. The clear height under ceiling is 7 meters.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 6 204 sq m 86% Offices 1 009 sq m 14% Total 7 213 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1979 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2006 / 2010 / 2011/ 2012 property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under the section AV 396 inspected woodwork, exposed parts for a total area of 14,401sq m. of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the town used, or are present, in any part of planning (PLU), approved the 15th the Property. We are unable, June 2000 and lastly revised the 4th therefore, to give any assurance that July 2012, the subject property is the Property is free from defect. located in the zone UI.

We have considered that on the We note that the current and basis of the capital expenditure historical use of the subject property budget retained, the property will is in compliance with the allowed not be subject to any other uses, as set out in the Local Plan renovation works over the next ten (Plan Local d’Urbanisme). years with the exception of maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in average to good Mandatory In the frame of our study, we have state of repair considering its age. verifications: not been informed with any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property benefits from a good Contamination carried out structural surveys, tested Infrastructure: visibility in the city of Villepinte. Issues: services, made independent site investigations, inspected woodwork, It has a good location in the exposed parts of the structure which proximity of the Roissy Charles de were covered, unexposed or Gaulle airport and benefits from a inaccessible, nor arranged for any good road access. investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Good office ratio (14%); • Aging buildings, • Good location in a dynamic industrial area; • Competition from the others properties; • Good accessibility by A104 and A1 highways.

Competition Adjacent Uses

• High competition in Paris Nord II. • Residential areas • Light industrial premises

• Small Logistics • Business park with high office ratio

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions PARC ACTICENTRE - 17-31 AVENUE GEORGES CLEMENCEAU 93420 VILLEPINTE

Area : 250 sq.m Réf 66201 Rent : 65 € per sq.m pa excl. txs & chgs 1 Tenant : BSB CONCEPT Photo

Landlord : LA FRANCAISE AM State of repair: Adequate state of repair Transaction date: 26/09/2014 ZONE D'AMENAGEMENT CONCERTE 77290 MITRY MORY Area : 1474 sq.m Rent : 69 € per sq.m pa excl. txs & chgs Réf 62657 2 Tenant : TRADEX Photo Landlord : SCI G2 MODUS

State of repair: Adequate state of repair Transaction date: 31/12/2013

CENTRAL PARC - 255 BOULEVARD ROBERT BALLANGER 93420 VILLEPINTE Area : 300 sq.m Rent : 70 € per sq.m pa excl. txs & chgs Réf 66216 Subject property 3 Tenant : TEROCIEL Photo Landlord : CBRE PROPERTY MANAGEMENT (CPMS)

State of repair: Adequate state of repair Transaction date: 19/09/2014

CENTRAL PARC - 255 BOULEVARD ROBERT BALLANGER 93420 VILLEPINTE Area : 370 sq.m Rent : 75 € per sq.m pa excl. txs & chgs Réf 65708 4 Tenant : DESIGN MAT Photo Landlord : CBRE PROPERTY MANAGEMENT (CPMS)

State of repair: Adequate state of repair Transaction date: 26/08/2014

CENTRAL PARC - 255 BOULEVARD ROBERT BALLANGER 93420 VILLEPINTE Area : 1744 sq.m Rent : 91 € per sq.m pa excl. txs & chgs Réf 65066 5 Tenant : TENNANT Photo Landlord : CENTRAL PARC VILLEPINTE

State of repair: Good state of repair Transaction date: 29/04/2014 4 RUE HENRI POINCARE 93270 SEVRAN Owner-occupier sale transaction Area : 1540 sq.m Net price Prix : 454 €/sq.m Réf 64615 6 Tenant : ASSOCIATION UNION EUROPEENNE POUR LA CONSTRUCTION ET Photo LE SOUTIEN DES MOSQUEES

Landlord : INITIAL BTB / RENTOKIL State of repair: Adequate state of repair Transaction date: 30/05/2014 CBRE | 02/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions AVENUE SALVADOR ALLENDE 93270 SEVRAN Owner-Occupier tsale ransaction

Area : 254 sq.m Réf 66198 Net Price : 708 €/ sq.m 7 Tenant : SCI Photo

Landlord : EUROFONCIERE 2 State of repair: Adequate state of repair Transaction date: 26/09/2014

Subject property

CBRE | 02/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €400,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €367,083 Total Net Rental Income: €363,475 Total gross ERV: €360,800 Total Net ERV: €357,192 Equivalent Yield: 8.60% Net Initial Yield: 9.58% WAULT 4.67 WABO 1.67 Market Value - Net of purchaser’s costs@ (rounded) €3,545,000 6.90% : Indicative Reinstatement Cost €4,430,000 Vacant Possession Value €2,430,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Villepinte,1,Avenue George Clémenceau,Villepinte,93420 File/Ref No FRA-057

Gross Valuation €4,191,467 Capital Costs -€400,000 Net Value Before Fees €3,791,467

Less Stamp Duty @6.90% of Net Value -€244,725

Net Valuation €3,546,742 Say €3,545,000

Equivalent Yield 8.6000% True Equivalent Yield 9.0864% Initial Yield (Deemed) 9.5867% Initial Yield (Contracted) 9.5867% Reversion Yield 9.4209%

Total Contracted Rent €367,083 Total Current Rent €367,083 Total Rental Value €360,800 No. Tenants 3 Capital value per m² €491.47

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €367,083 €363,475 9.5867 % 10.1898 % 01-Sep-2018 €382,679 €379,071 9.9980 % 10.6554 % 01-Oct-2019 €368,124 €364,516 9.6141 % 10.2208 % 30-Apr-2020 €360,800 €357,192 9.4209 % 10.0029 %

Yields based on €3,791,467

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Le Restos du Coeur NA 30-Sep-2019 €136,655 Rounded €122,100 Group 1 Hardcore 8.600 €1,461,225 GAP NA 29-Apr-2020 €128,324 Rounded €121,000 Group 1 Hardcore 8.600 €1,423,580 AYME IDF NA 31-Aug-2018 €102,104 Rounded €117,700 Group 1 Hardcore 8.600 €1,306,662 Total €367,083 €360,800 €4,191,467

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Bois Chaland 2, 9 Rue des Pyrénées, 91090 Lisses

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Tenant / Tenant Covenant: THE LOGISTIC'S BOX

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break Gross income Lease comments option € pa (€/sq m/pa) Step rent: 357.400 € (2011), 371.696 € (2012), 385.992 € THE LOGISTIC'S (2013), 400.288 € BOX (EX 7,148 sq m 31/12/19 31/12/16 €432,281 (2014), 414.584 € ANGELERI - EX (2015), 428.880 € COLOPLAST) (begining to 2016). Annual indexation of maximum 3%. TOTAL 7,148 sq m €432,281

Location : The subject property is located in the commune of Lisses, in the South of Paris, in the department of “Essonne”, at a distance of circa 36 Km from Paris. The highway A6 is 5 km from the property.

Lisses is one of the four towns forming the conglomeration of Evry-Ville-Nouvelle (73,000 inhabitants).

The subject property is located in the technological Park "Bois Chaland” built in at the beginning of the 1980s. This park has a total surface area of 370,000 sq m. It is located on the border of the A6 motorway, at 3 km of the city centre of Evry. This business park is composed of light industrial and offices premises in a landscaped environment.

The property is set back from rue “Bois Chaland” main axis of “Bois Chaland”, in Rue Des Pyrénées.

The zone has a suitable road access: - Freeway A6 with access road at 900 metres. - “Francilienne” highway which encircles Paris area at 500 metres.

In terms of public transportation, there are 3 bus lines that connect the business park with the cities of Bondoufle and Ris-Orangis and Evry where there is a train station “Evry” arriving in Paris by RER D within one hour.

Description : The site is entirely fenced comprises green area, one building, exterior car parking and one sprinkler tank. The entrance to the site is presenting by a steel gate with access control.

The property is a building totaling approximately 7,148 sq m of net lettable area.

The subject property is erected on a ground floor and one upper floor. The ground floor is composed of light industrial areas and the first floor presents some office spaces.

The building has a reinforced concrete frame with the façade constructed using concrete panel with roughcast coating. The windows are aluminum double-glazed.

The industrial premises has a sprinkler system and several dock bays.

The office accommodation benefits from natural light and offers standard fixtures and fittings: • Carpeted floors; • Painted walls; • Suspended ceilings with recessed lighting; • Individual electric convectors; • Moveable partitioning.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 6 730 sq m 94% Offices 418 sq m 6% Total 7 148 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 2000 Cadastral We have identified the land References: cadastral references of the subject Refurbished: property to determine the planning status of the property. Technical In Q4 2014, a technical due issues : diligence is used to identify any We note that the subject property is technical issue. We have not been registered under section AA 39 for a provided with the conclusion of this total area of 14,694 sq m. technical due diligence and reserve the right to amend the valuation Please see Appendix 3 to consult the report in accordance accordingly. cadastral map of the subject property. We have considered that on the basis of the capital expenditure Planning: We note that according to the town budget retained, the property will planning (PLU), approved the 17th not be subject to any other December 2013, the subject renovation works over the next ten property is located in the zone Ui. years with the exception of maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair. verifications: been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Good exposure in an established Contamination carried out structural surveys, tested Infrastructure: light industrial area in the South of Issues: services, made independent site Paris. investigations, inspected woodwork, exposed parts of the structure which The property benefits from good were covered, unexposed or road access by the highway A6. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Recent building; • Poor public transportation network; • Fully let; • Competition from the surrounding light industrial • Good office ratio (5.8%); assets and the ongoing development programs. • Good road access by the highway; • Location in a developed light industrial area.

Competition Adjacent Uses

• Risk of competition from the existing supply • Light industrial but not for the ongoing development • Small logistics programs (turnkey’s schemes). • The main competition is located in ZI du bois Chaland.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

6 RUE DES PYRENEES 91090 LISSES Subject property Area : 562,5 sq m Rent : 160 €/sq m/pa excluding taxes and charges Réf 53812 1 Tenant : TECHNIC EVENEMENT Photo Landlord : COB DROITWICH APS State of repair : New 1 Transaction date: 27/04/2012

MINIPARC DU BOIS CHALAND - 39-53 RUE DU BOIS CHALAND 91090 LISSES Area : 186 sq m Rent : 75 €/sq m/pa excluding taxes and charges Réf 53959 2 Tenant : EVS Photo Landlord : CHINON SNC State of repair : Adequate state of repair Transaction date: 01/05/2012

MINIPARC DU BOIS CHALAND - 39-53 RUE DU BOIS CHALAND 91090 LISSES Area : 815 sq m Rent : 65 €/sq m/pa excluding taxes and charges Réf 53961 3 Tenant : MEDISET Photo Landlord : CHINON SNC State of repair : Adequate state of repair Transaction date: 10/05/2012

3 RUE DES PYRENEES 91090 LISSES Area : 1834 sq m Rent : 90 €/sq m/pa excluding taxes and charges Réf 56813 4 Tenant : EURO ASCENCEURS Photo 9 Landlord : N/C 8 State of repair : Adequate state of repair 3 Transaction date: 01/10/2012 2 1 RUE DES PYRENEES 91090 LISSES Area : 1834 sq m Rent : 90 €/sq m/pa excluding taxes and charges Réf 56923 5 Tenant : EURO ASCENSEURS Photo Landlord : N/C State of repair : N/C Transaction date: 06/11/2012

65 RUE DU BOIS CHALAND 91090 LISSES Area : 500 sq m Rent : 100 €/sq m/pa excluding taxes and charges Réf 57704 6 Tenant : CGED Photo Landlord : N/C State of repair : N/C Transaction date: 01/07/2012

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions

11 RUE DES PYRENEES 91090 LISSES Subject property Area : 600 sq m Rent : 82 €/sq m/pa excluding taxes and charges Réf 57707 7 Tenant : MA.VI. FRANCE Photo Landlord : N/C State of repair : N/C 1 Transaction date: 01/09/2012

MINIPARC DU BOIS CHALAND - 39-53 RUE DU BOIS CHALAND 91090 LISSES Area : 458 sq m Rent : 65 €/sq m/pa excluding taxes and charges Réf 57810 8 Tenant : FLEX CITE 91 Photo Landlord : CHINON SNC State of repair : Adequate state of repair Transaction date: 15/10/2012

MINIPARC DU BOIS CHALAND - 39-53 RUE DU BOIS CHALAND 91090 LISSES Area : 364 sq m Rent : 75 €/sq m/pa excluding taxes and charges Réf 58176 9 Tenant : NIKON METROLOGY Photo Landlord : CHINON SNC State of repair : Adequate state of repair Transaction date: 21/02/2013

6 RUE DES PYRENEES 91090 LISSES Area : 1150 sq m Rent : 79 €/sq m/pa excluding taxes and charges Réf 58938 9 10 Tenant : CHEMICAL FARMA Photo Landlord : COB DROITWICH APS 8 State of repair : Adequate state of repair 3 Transaction date: 01/03/2013 2 MINIPARC DU BOIS CHALAND - 39-53 RUE DU BOIS CHALAND 91090 LISSES Area : 456 sq m Rent : 83 €/sq m/pa excluding taxes and charges Réf 61057 11 Tenant : IS SOUDURE Photo Landlord : CHINON SNC State of repair : Adequate state of repair Transaction date: 16/09/2013

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 0.50% of ERV to begin at the date of valuation Total Gross Rental Income €400,288 Total Net Rental Income: €398,358 Total gross ERV: €385,992 Total Net ERV: €384,062 Equivalent Yield: 8.00% Net Initial Yield: 8.18% WAULT 5.08 WABO 2.08 Market Value - Net of purchaser’s costs@ (rounded) €4,555,000 6.90% : Indicative Reinstatement Cost €4,200,000 Vacant Possession Value €3,300,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Lisses - Bois Chaland 2,3-7,Rue des Pyrénées,ZAC de Bois Chaland,Lisses,91090 File/Ref No FRA-029

Gross Valuation €4,867,612 Capital Costs €0 Net Value Before Fees €4,867,612

Less Stamp Duty @6.90% of Net Value -€314,186

Net Valuation €4,553,426 Say €4,555,000

Equivalent Yield 8.0000% True Equivalent Yield 8.4222% Initial Yield (Deemed) 8.1838% Initial Yield (Contracted) 8.1838% Reversion Yield 7.8902%

Total Contracted Rent €400,288 Total Current Rent €400,288 Total Rental Value €385,992 No. Tenants 1 Capital value per m² €637.24

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €400,288 €398,358 8.1838 % 8.6202 % 01-Jan-2015 €414,584 €412,654 8.4775 % 8.9465 % 01-Jan-2016 €432,282 €430,352 8.8411 % 9.3521 % 31-Dec-2016 €385,992 €384,062 7.8902 % 8.2951 %

Yields based on €4,867,612

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold The logistics Box (Angeleri) NA 31-Dec-2019 €400,288 Unrounded €385,992 Group 1 Hardcore 8.000 €4,867,612 Total €400,288 €385,992 €4,867,612

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 85 avenue de Neuilly – 94120, Fontenay-sous-Bois, France

Inspected on: 27 November 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) Activity monitored by POLFRANCE 580 31/08/21 31/08/15 46,882 the court. Potential PNEUS bankruptcy. RICHARDSON 580 31/03/22 31/03/16 49,300 CER PARIS SUD 740 31/12/22 31/12/18 79,764 LA POSTE 1,000 31/12/19 31/12/16 87,858 VERFILCO 580 31/12/20 31/12/17 49,154 Notice served the 30/09/2014 for a GEMSTAR 1,311 30/09/15 31/08/15 107,120 departure the 31/03/2015 VACANT 1,027 5,818 420,077

Location : Fontenay-sous-Bois is situated in the French department of Val de Marne in the Paris region and has a population of approximately 51,000.

The “Zone à Urbaniser en Priorité” and the shopping centre du Val de Fontenay are situated at approximately 1.4km and 1.2km respectively from the subject property.

Description : The property comprises a light industrial building, dating from 1981. The building has been constructed using a steel portal frame with a flat roof and a reinforced concrete floor. The elevations are clad with metallic panels, concrete blocks and breeze-blocks dividing the units. The façade is a mix of curtain walling and brickwork. The windows have aluminium frames and are double glazed.

The property provides open plan office accommodation arranged over the ground and upper floors. The light industrial premises are on the ground floor. The specification of the office premises generally includes suspended ceilings with inset lighting, and painted walls. The floor covering is rubber. The specification of the light industrial premises includes suspended lights and solid concrete floors. The total area is 5,818 sq m of which 1,864 sq m is office space and 3,954 sq m is light industrial space.

The floor space is rectangular in shape. The building has a secure yard and outdoor car parking spaces.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 3,954 sq m 68% Offices 1,864 sq m 32%

Total 5,818 sq m 100%

The property is complemented by 35 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1981 Cadastral We have identified the land references: cadastral references of the subject Refurbished: Works relative to ICPE compliance property to determine the planning led in 2012. status of the property.

Roof and smoke extraction system We note that the subject property is have been renovated in 2012 registered under BJ 431 and BJ 433 sections for a total area of 8,235 sq Technical We have not carried out building m issues : surveys, tested services, made independent site investigations, Please see Appendix 3 to consult the inspected woodwork, exposed parts cadastral map of the subject of the structure which were covered, property. unexposed or inaccessible, nor arranged for any investigations to Planning: We note that according to the be carried out to determine whether Urban Plan certificate (PLU), or not any deleterious or hazardous approved the 26 October 2007 and materials or techniques have been lastly revised the 27 June 2013 the used, or are present, in any part of subject property is located in the the Property. We are unable, zoning area UFb. therefore, to give any assurance that the Property is free from defect. We note that the current and historical use of the subject property We have considered that on the is in compliance with the allowed basis of the capital expenditure uses, as set out in the Local Plan budget retained, the property will (Plan Local d’Urbanisme). not be subject to any other renovation works over the next ten We are not aware of any issues that years with the exception of would adversely impact upon the maintenance works. value of the property.

Condition: The building is in average to good Mandatory In the frame of our study, we have state of repair considering its age. verifications: been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from the A86 motorway. Issues: services, made independent site investigations, inspected woodwork, The property has an excellent road exposed parts of the structure which and convenient transport network. were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is more than 30 years old and can • Well located in the activity zone “Salengro”. suffer from some structural problems despite • Very good road and good transport network. regular maintenance works. • Located near an Intermarché supermarket • No capital expenditures budgeted. delivered in 2014. • The property is 18% vacant. • Located close to a well-established shopping • The main tenant served notice to vacate in March mall. 2015. The property will then be 40% vacant. • Leases recently contracted or renewed. • The property does not present any long term • The property is 82% multi let. lease with firm period remaining. • Tenancy risk diversified.

Competition Adjacent Uses • The city of Fontenay-sous-Bois includes 9 • To the North of the property, there is supermarket main activity zones located on each side of operated by Intermarché. It opened in 2014. the A86 motorway. Before the construction of this supermarket, there • The subject property is located to the South was an industrial property. border of the zone named “Salengro”. • There is another supermarket operated by LIDL in • The zone named “Salengro” where the the neighbourhood. subject property is located is situated to the • The neighbourhood is also massively represented South of this large area. It is bordered to the by residential accommodations. East by the A86 motorway and to the North by the zone named Val-de-Fontenay. • Val-de-Fontenay can be considered as better located as it is better served by public transport. • The properties are better located in the zone “La Pointe” but the properties generally present a worse state of repair than the one located in “Salengro”.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV to begin at the date of valuation Total Gross Rental Income €420,078 Total Net Rental Income: €369,846 Total gross ERV: €464,300 Total Net ERV: €455,014 Equivalent Yield: 9.10% Net Initial Yield: 7.50% WAULT 5.13 years WABO 2.00 years Market Value - Net of purchaser’s costs@ (rounded) €4,615,000 6.90% : Indicative Reinstatement Cost €4,700,000 Vacant Possession Value €3,695,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Fontenay Neuilly 85,85,Rue de Neuilly ,Fontenay-Sous-Bois,94120 File/Ref No FRA-019

Gross Valuation €4,933,358 Capital Costs €0 Net Value Before Fees €4,933,358

Less Stamp Duty @6.90% of Net Value -€318,430

Net Valuation €4,614,928 Say €4,615,000

Equivalent Yield 9.1001% True Equivalent Yield 9.6304% Initial Yield (Deemed) 7.4968% Initial Yield (Contracted) 7.4968% Reversion Yield 9.2232%

Total Contracted Rent €420,078 Total Current Rent €420,078 Total Rental Value €464,300 No. Tenants 7 Capital value per m² €793.23

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €420,078 €369,846 7.4968 % 7.8617 % 31-Dec-2014 €373,196 €299,839 6.0778 % 6.3159 % 01-Jul-2015 €373,196 €322,964 6.5465 % 6.8234 % 01-Sep-2015 €373,196 €351,640 7.1278 % 7.4570 % 30-Sep-2015 €266,076 €192,250 3.8969 % 3.9937 % 01-Oct-2015 €311,976 €238,150 4.8273 % 4.9766 % 01-Dec-2015 €393,776 €319,950 6.4854 % 6.7571 % 30-Mar-2016 €393,776 €372,220 7.5450 % 7.9146 % 30-Jun-2016 €500,876 €479,320 9.7159 % 10.3358 % 01-Sep-2016 €500,876 €491,590 9.9646 % 10.6175 % 01-Jan-2020 €490,418 €481,132 9.7526 % 10.3774 % 01-Jan-2021 €487,164 €477,878 9.6867 % 10.3028 % 01-Apr-2022 €483,764 €474,478 9.6177 % 10.2249 % 01-Jan-2023 €464,300 €455,014 9.2232 % 9.7804 %

Yields based on €4,933,358

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant (ex SOFIPAK ) 07 NA 31-Aug-2024 €0 Rounded €81,800 Vacant Hardcore 9.100 €766,949 VERFILCO 05 NA 31-Dec-2020 €49,154 Unrounded €45,900 Let Hardcore 9.100 €509,009 Richardson ex Bina 02 NA 31-Mar-2022 €49,300 Rounded €45,900 Let Hardcore 9.100 €511,938 POLIFRANCE PNEUS 01 NA 31-Aug-2021 €46,882 Unrounded €45,900 Vacant Hardcore 9.100 €451,962 LA POSTE 04 NA 31-Dec-2019 €87,858 Rounded €77,400 Let Hardcore 9.100 €874,640 GEMSTAR 06 NA 31-Mar-2021 €107,120 Rounded €107,100 Let Hardcore 9.100 €1,061,383 CER PARIS SUD 03 NA 31-Dec-2022 €79,764 Rounded €60,300 Let Hardcore 9.100 €757,478 Total €420,078 €464,300 €4,933,358

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Bois Chaland 1, 2-4 Rue du Bois Chaland, 91090 Lisses

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Tenant / Tenant Covenant: RIELLO

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) SEVE 269 sq m 30/06/15 30/06/2015 €27,234 NET CLIMATIS 154 sq m 31/12/18 31/12/2015 €14,735 RIELLO 1,755 sq m 31/12/18 31/12/2018 €166,822 Annual indexation of AMPLITUDE 1,699 sq m 31/03/18 31/03/2018 €170,413 3%. AMPLITUDE (Amendment 270 sq m 31/03/18 31/03/2018 €26,663 Lease n°1) AMPLITUDE (Amendment 193 sq m 31/03/18 31/03/2018 €19,550 Lease n°2) AMPLITUDE (Amendment 384 sq m 31/03/18 31/03/2018 €36,934 Lease n°3) AMPLITUDE (Amendment 538 sq m 31/03/18 31/03/2018 €50,593 Lease °4) AMPLITUDE (Amendment 269 sq m 31/03/18 31/03/2018 €24,612 Lease °5) TOTAL 5,531 sq m €537,559

Location : The subject property is located in the commune of Lisses, in the South of Paris, in the department of “Essonnes”, at a distance of approximately 36 Km of Paris.

Lisses is one of the four towns forming the conglomeration of Evry-Ville-Nouvelle (73,000 inhabitants).

The subject property is located in the technological Park "Bois Chaland” built at the beginning of the 1980s. This park has a total surface area of 370,000 sq m. It is located on the border of the A6 motorway, at 3 km of the city centre of Evry. This business park is composed of light industrial and offices premises in a landscaped environment.

The property is more precisely located off from rue “Bois Chaland” main axis of “Bois Chaland”, in Rue Des Pyrénées.

The zone has a suitable road access: - Freeway A6 with access road at 900 metres. - “Francilienne” highway which encircles Paris area at 500 metres.

In terms of public transportation, there are 3 bus lines that connect the business park with the cities of Bondoufle and Ris-Orangis and Evry where there is a train station “Evry” that gets you to Paris by the RER D within one hour.

Description : The property, built in 2000, comprises 3 separate buildings (A, B and C) located on a single site. The buildings B and C are identical. The site is entirely fenced.

Building A

Building A is located to the front of the site, visible to the main road. The total surface area is 1,755 sq m.

Building A is different in both size and shape from buildings B and C given its position it could be considered as an independent property, however there is a freeway access between A and B/C position.

The current office accommodation is located to the entrance of the property on ground with the meeting room and first floor level. This area is fitted with suspended ceilings, recessed lighting, demountable partitioning, wall mounted heaters, and perimeter trucking and aluminum window frames and provides high quality accommodation.

There are light industrial connected to training and research premises at the rear of the building.

Buildings B and C

Both building are of a modern flat roof, predominantly steel clad structure with reflective and standard glazing set within painted aluminum frames.

Building B is located to the front of the site, visible to the main road. Internally the office areas are in excellent condition, with the standard suspended ceilings, recessed strip lighting; demountable painted partitioning, aluminum window and door frames, and wall mounted heating, carpet on the floor. The office area is located in front of the street connected to light industrial unit.

Building C is located to the rear of the site and externally is of the same construction and accommodation as building B.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area Percentage Light Industrial 6,289 sq m 79% Offices 1,704 sq m 21% Total 7,993 sq m 100%

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

An external car parking comprises some 95 parking places.

Physical Considerations: Other Considerations: Year built: 2000 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/C property to determine the planning Technical In Q4 2014, a technical due status of the property. issues : diligence is designed to identify any technical issue. We have not been We note that the subject property is provided with the conclusion of this registered under section AA 16 for a technical due diligence and reserve total area of 12,230 sq m. the right to amend the valuation report in accordance accordingly. Please see Appendix 3 to consult the cadastral map of the subject We have considered that on the property. basis of the capital expenditure budget retained, the property will Planning: We note that according to the town not be subject to any other planning (PLU), approved the 17th renovation works over the next ten December 2013, the subject years with the exception of property is located in the zone Ui. maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure in the centre of Contamination carried out structural surveys, tested Infrastructure: an established industrial area. Issues: services, made independent site investigations, inspected woodwork, The property benefits from a good exposed parts of the structure which road access in in border of were covered, unexposed or motorway A6, at 3 km of the city inaccessible, nor arranged for any centre of Evry. investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Freehold tenure; • Poor public transportation network in the • Property fully let; surroundings; • Recent buildings; • High office ratio (37%). • Flexibility of the office premises; • Good location at the south of Paris close to the A6 and A104 highways; • Location in an established light industrial area.

Competition Adjacent Uses

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1.25% of ERV to begin at the date of valuation Total Gross Rental Income €537,558 Total Net Rental Income: €531,507 Total gross ERV: €484,100 Total Net ERV: €478,049 Equivalent Yield: 8.75% Net Initial Yield: 9.88% WAULT 3.44 WABO 3.36 Market Value - Net of purchaser’s costs@ (rounded) €5,030,000 6.90% : Indicative Reinstatement Cost €4,740,000 Vacant Possession Value €3,850,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Lisses - Bois Chaland 1,2-4,Rue du bois Chaland,Evry Lisses,91090 File/Ref No FRA-016

Gross Valuation €5,377,152 Capital Costs €0 Net Value Before Fees €5,377,152

Less Stamp Duty @6.90% of Net Value -€347,075

Net Valuation €5,030,077 Say €5,030,000

Equivalent Yield 8.7500% True Equivalent Yield 9.2470% Initial Yield (Deemed) 9.8845% Initial Yield (Contracted) 9.8845% Reversion Yield 8.8904%

Total Contracted Rent €537,558 Total Current Rent €537,558 Total Rental Value €484,100 No. Tenants 9 Capital value per m² €909.42

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €537,558 €531,507 9.8845 % 10.5267 % 01-Jul-2015 €510,324 €495,350 9.2121 % 9.7680 % 01-Oct-2015 €533,424 €523,908 9.7432 % 10.3667 % 01-Oct-2016 €533,424 €527,373 9.8077 % 10.4396 % 01-Apr-2018 €204,658 €87,388 1.6252 % 1.6418 % 01-Oct-2018 €204,658 €154,942 2.8815 % 2.9341 % 01-Jan-2019 €484,100 €434,384 8.0783 % 8.5033 % 01-Oct-2019 €484,100 €478,049 8.8904 % 9.4072 %

Yields based on €5,377,152

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold amplitude avenant 3 FRA-016-KE NA 31-Mar-2018 €36,934 Rounded €33,800 Let Hardcore 8.750 €364,485 SEVE (ex Brita) FRA-016-KE NA 30-Jun-2015 €27,234 Rounded €23,100 Let Hardcore 8.750 €252,753 Riello FRA-016-KE NA 31-Dec-2018 €166,822 Rounded €157,600 Let Hardcore 8.750 €1,809,195 Net Climatis FRA-016-KE NA 31-Dec-2018 €14,736 Rounded €12,300 Let Hardcore 8.750 €146,888 Amplitude n°4 (ex Buhrs) FRA-016-KE NA 31-Mar-2018 €50,593 Rounded €46,100 Let Hardcore 8.750 €497,564 Amplitude avenant 2 FRA-016-KE NA 31-Mar-2018 €19,550 Rounded €19,300 Let Hardcore 8.750 €204,141 Amplitude avenant 1 FRA-016-KE NA 31-Mar-2018 €26,663 Rounded €23,400 Let Hardcore 8.750 €255,334 Amplitude 5 (ex Addi Select Inter) FRA-016-KE NA 31-Mar-2018 €24,613 Rounded €23,100 Let Hardcore 8.750 €247,270 Amplitude FRA-016-KE NA 31-Mar-2018 €170,413 Rounded €145,400 Let Hardcore 8.750 €1,599,522 Total €537,558 €484,100 €5,377,152

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 3-5 Rue Boole, 91240 Saint-Michel-sur-Orge

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Main Tenant / Tenant M2H / AGGREKO Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) M2H 2,216 sq m 30/09/16 30/09/2016 €164,199 Monthly payment. AGGREKO 1,150 sq m 31/12/18 31/12/2015 €113,894 Renovation work paid DFI CABLAGE 227 sq m 30/06/20 30/06/2017 €18,202 by the tenant for an amount of €10,000. INFREP 325 sq m 30/09/20 30/09/2017 €34,465 FURNESS 213 sq m 31/07/20 31/07/2017 €22,588 CONTROLS CDSEA 312 sq m 14/12/17 14/12/2017 €24,289 2 months of rent free period if the tenant AGGREKO 471 sq m 31/12/21 31/12/2015 €36,000 does not give notice on 31/12/15. VACANT 203 sq m VACANT 227 sq m TOTAL 5,344 sq m €413,640

Location : The subject property is located approximately 40 km south of Paris in Saint Michel sur Orge, in the department of Essonne. Saint Michel sur Orge has a population of approximately 20,200 (INSEE 2011).

The property benefits from an excellent location, less than 1km from the highway ‘la Francilienne’, a circular highway that surrounds Paris and provides connections to all the major thoroughfares. In terms of public transportation, RER C is located at approximately 3km from the subject property, which provides a suburban rail service into the centre of Paris.

In conclusion, the property is located in an established industrial area, with mainly warehouses and some office premises.

Description : The property comprises of two buildings (A and B) with a total surface area of 5,344 sq m.

The property comprises two separate similar buildings situated on a single site constructed in 1992. Both buildings are of a modern flat roof, predominantly steel clad structure with reflective and standard glazing set within painted aluminum frames.

The light industrial premises have a clear floor to ceiling height of approximately 7m, with strip lighting and a concrete floor. The light industrial premises also benefits from loading docks.

The office accommodation is equipped with standard suspended ceilings, recessed strip lighting, demountable partitioning and wall mounted heaters. There is a central courtyard at the 1st floor providing the office accommodation with natural light.

The property is complemented by 117 parking places.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas detailed in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2 763 sq m 52% Offices 2 581 sq m 48% Total 5 344 sq m

Should this information prove to be incorrect, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 1992 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/C property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under the section AV 154 inspected woodwork, exposed parts for a total area of 2,686 sq m. of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 which arranged for any investigations to contains the cadastral map of the be carried out to determine whether subject property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the town used, or are present, in any part of planning (PLU), approved on the 4th the Property. We are unable, February 2008 and latterly revised therefore, to give any assurance that on the 22nd October 2012, the the Property is free from defect. subject property is located in the zone UI1. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan Local d’Urbanisme). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The property is in a good state of Mandatory In the frame of our study, we have repair considerate of its age. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Good location across the highway Contamination carried out structural surveys, tested Infrastructure: “La Francilienne”. Issues: services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

∑ The property is not, or likely to be, affected by land contamination and that there are no abnormal ground conditions, nor archaeological remains, nor hazardous nor deleterious materials present which might adversely affect the present or future occupation, development or value of any of the properties, and; ∑ The property is free from rot, infestation, structural or design defect, and; No high alumina cement nor other currently known prohibited or suspect materials or techniques have been used in the construction of, or subsequent alterations or additions to, any of the properties.

Property Strengths Property Weaknesses

• Flexible premises; • High office ratio (48%) and low demand in this • Good road access by the highways A6 and area; A104; • The property is not located close to the public • Good location close to the A104 highway transportation network. access;

Competition Adjacent Uses

• No direct competition with high office ratio. • Light industrial • Light industrial premises in the surrounding. • Logistics and small logistics • Beyond La Francilienne residential areas

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

19 RUE MENDEL 91240 ST MICHEL SUR ORGE Area : 200 sq m Rent : 108 €/sq m/ pa excluding taxes and charges Réf 67024 1 Tenant : SMART ELEC Photo Landlord : N/C State of repair: N/C Date Signature : 05/11/2014

6 RUE DIDEROT 91240 ST MICHEL SUR ORGE Area : 4660 sq m Rent : 43 €/sq m/ pa excluding taxes and charges Réf 64956 2 Tenant : LOCAMEX Photo Landlord : SARL MULSANNE State of repair: Adequate state of repair Date Signature : 01/06/2014 12 RUE DENIS PAPIN 91240 ST MICHEL SUR ORGE Owner-occupier sale transaction

Area : 850 sq m Réf 64154 Net Price: 623 €/sq m 3 Tenant : TECMOBAT ILE DE FRANCE Photo

Subject property Landlord : LYFFA State of repair: Adequate state of repair Date Signature : 26/04/2014 15 AVENUE CONDORCET 91240 ST MICHEL SUR ORGE Area : 1171 sq m Rent : 76 €/sq m/ pa excluding taxes and charges Réf 62985 4 Tenant : SITECH FRANCE Photo Landlord : N/C State of repair: Refurbished Date Signature : 23/01/2014 20BIS RUE DENIS PAPIN 91240 ST MICHEL SUR ORGE Area : 270 sq m

Rent : 68 €/sq m/ pa excluding taxes and charges Réf 60001 Tenant : AMBULANCES D'EVRY CH HORVATH 5 Landlord : FRENCH INVESTMENT PORTFOLIO ASSET MANAGEMENT (FIPAM) - Photo

PROUDREED State of repair: Adequate state of repair Date Signature : 01/07/2013 2TER RUE GUSTAVE EIFFEL 91240 ST MICHEL SUR ORGE Area : 340 sq m Rent : 75 €/sq m/ pa excluding taxes and charges Réf 57778 6 Tenant : BANYA CORPORATE Photo Landlord : PROUDREED FRANCE State of repair: Refurbished Date Signature : 24/01/2013

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €250,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €413,639 Total Net Rental Income: €392,754 Total gross ERV: €428,920 Total Net ERV: €424,663 Equivalent Yield: 9.31% Net Initial Yield: 9.12% WAULT 3.69 WABO 1.79 Market Value - Net of purchaser’s costs@ (rounded) €4,025,000 6.90% : Indicative Reinstatement Cost €4,310,000 Vacant Possession Value €2,710,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address St Michel sur Orge,3/5,Rue Boole,Saint-Michel-sur-Orge,91240 File/Ref No FRA-049

Gross Valuation €4,555,249 Capital Costs -€250,000 Net Value Before Fees €4,305,249

Less Stamp Duty @6.90% of Net Value -€277,888

Net Valuation €4,027,361 Say €4,025,000

Equivalent Yield 9.3172% True Equivalent Yield 9.8869% Initial Yield (Deemed) 9.1227% Initial Yield (Contracted) 9.1227% Reversion Yield 9.8639%

Total Contracted Rent €413,639 Total Current Rent €413,639 Total Rental Value €425,670 No. Tenants 9 Capital value per m² €753.18

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €413,639 €392,754 9.1227 % 9.6675 % 01-Jun-2015 €413,639 €404,569 9.3971 % 9.9761 % 01-Sep-2015 €445,729 €436,659 10.1425 % 10.8195 % 01-Jan-2016 €409,729 €400,659 9.3063 % 9.8738 % 03-Jan-2016 €445,729 €436,659 10.1425 % 10.8195 % 01-Jun-2016 €445,729 €441,472 10.2543 % 10.9467 % 15-Dec-2017 €443,240 €438,983 10.1965 % 10.8809 % 01-Jan-2019 €432,845 €428,588 9.9550 % 10.6066 % 01-Jul-2020 €430,533 €426,276 9.9013 % 10.5457 % 01-Aug-2020 €407,945 €403,688 9.3767 % 9.9530 % 01-Oct-2020 €405,979 €401,722 9.3310 % 9.9016 % 01-Nov-2020 €425,149 €420,892 9.7763 % 10.4041 % 01-Jan-2022 €431,539 €427,282 9.9247 % 10.5722 % 01-Oct-2022 €267,340 €263,083 6.1108 % 6.3515 % 01-Jan-2023 €428,920 €424,663 9.8639 % 10.5033 % 01-Jun-2024 €413,020 €408,763 9.4945 % 10.0858 % 01-Sep-2024 €428,920 €424,663 9.8639 % 10.5033 %

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Yields based on €4,305,249

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant ex Cyanoline NA 31-May-2024 €0 Unrounded €16,190 Vacant Hardcore 10.250 €139,480 Vacant ex Aggreko 01-Sep-2020 31-May-2024 €0 Rounded €15,900 Vacant Hardcore 10.250 €135,006 M2H NEW NA 30-Sep-2022 €164,199 Unrounded €161,580 Let Hardcore 9.250 €1,724,390 INFREP NA 30-Sep-2020 €34,466 Unrounded €29,250 Let Hardcore 9.250 €356,757 FURNESS CONTROLS NA 31-Jul-2020 €22,588 Unrounded €19,170 Let Hardcore 9.250 €216,994 DFI Cablage NA 30-Jun-2020 €18,202 Unrounded €15,890 Let Hardcore 9.250 €179,809 CDSEA NA 14-Dec-2017 €24,289 Rounded €21,800 Let Hardcore 9.250 €239,661 AGGREKO NA 31-Dec-2021 €36,000 Unrounded €42,390 Let Hardcore 9.250 €421,350 AGGREKO NA 31-Dec-2018 €113,895 Unrounded €103,500 Let Hardcore 9.250 €1,141,802 Total €413,639 €425,670 €4,555,249

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 3

Address: 50 Rue du Pré des Aulnes, 77200 Pontault Combault, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: Pôle Emploi

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) POLE EMPLOI 1,015 30/06/20 30/06/20 81,389 9 year firm lease Possibility to vacate in SOPROMO 980 31/08/21 31/08/15 68,642 2015 1,995 150,031

Location : The subject property is located in the eastern part of the Ile-de-France Region, in the Department of Seine et Marne, in the city of Pontault Combault. This town, which has 34,303 inhabitants (INSEE 2005), is located circa 30km from eastern Paris.

Pontault Combault is a medium-sized economic area which comprises 2 main industrial and tertiary zones: the “ZA Croix Saint Claude” and the “Parc de Pontillault”.

The subject property is located in the “Parc de Pontillault”. This medium-light industrial area, developed in the 1990s, accommodates small and medium businesses mainly specialised in the building, automotive or information technology sectors. It also houses several garden centres and restaurants.

This area benefits from good road access via the National Road 104 (the “Francilienne”). Charles de Gaulle airport is located circa 43km north of Pontault Combault. Pontault Combault is served by bus lines, leading to the “Noisy” station, connected to the RER E line.

Description : The property is a light industrial and office building, constructed in 1991, which has a total lettable area of 1,995 sq. m with 1,631 sq. m of light industrial space and 364 sq. m of office accommodation. There is an external, shared car park to the front of the building.

The property is rectangular in shape, with a steel roof; concrete frame construction and aluminium frame double glazed windows. It comprises a ground floor and one upper floor.

Office accommodation is situated to the front of the building over two floors. The office accommodation has a main entrance, with double glazed panel doors, for the staff. It is also equipped with a second glazed entrance, for clients. The ground floor accommodates a reception area, partitioned offices, a showroom and lavatories.

There is a single stairway linking the ground and first floor. The first floor accommodation houses a showroom, some partitioned offices, a meeting room, and archive premises located on a mezzanine.

The office accommodation benefits from natural light and presents a functional and flexible layout with demountable partitioning. It offers standard fixtures and fittings:

‹ Linoleum or carpeted floors. ‹ Painted walls, demountable partitioning. ‹ Suspended ceilings.

The Pole Emploi premises are equipped with an air-conditioning system. They are heated by electric individual convectors.

The offices have a satisfactory floor to ceiling height, of around 2.50 m.

There are two rectangular warehouse areas to the front and rear of the building. Each cell is equipped with a single loading bay, situated to the front of the building. There are two mezzanines, one only accessible via the warehouse and the second accessible either via the warehouse or the first floor. The warehouse areas have an eaves height of around 6m. They are not equipped with air-conditioning.

50% of the premises let by Pole Emploi has been renovated.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 1,631 sq m 82% Offices 364 sq m 18%

Total 1,995 sq m 100%

The property is complemented by 40 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1991 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2011 property to determine the planning Premises occupied by Pole Emploi status of the property. renovated in 2011 We note that the subject property is Technical We have not carried out building registered under B2337 sections for issues : surveys, tested services, made a total site area of 3,324 sq m. independent site investigations, inspected woodwork, exposed parts Please see Appendix 3 to consult the of the structure which were covered, cadastral map of the subject unexposed or inaccessible, nor property. arranged for any investigations to be carried out to determine whether We note that according to the or not any deleterious or hazardous Planning: Urban Plan certificate (PLU), materials or techniques have been approved the 21 September 2011 used, or are present, in any part of the subject property is located in the the Property. We are unable, zoning area UXc. therefore, to give any assurance that the Property is free from defect. We note that the current and historical use of the subject property We have considered that on the is in compliance with the allowed basis of the capital expenditure uses, as set out in the Local Plan budget retained, the property will (Plan d’Occupation des Sols). not be subject to any other renovation works over the next ten We are not aware of any issues that years with the exception of would adversely impact upon the maintenance works. value of the property.

Condition: The building is in average to good Mandatory In the frame of our study, we have state of repair considering its age verifications: been informed of any mandatory depending on the building verification considering the subject considered. property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible as located at the junction Issues: services, made independent site with the N104 (La Francilienne). investigations, inspected woodwork, exposed parts of the structure which The property has very good road were covered, unexposed or accesses. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is nearly 25 years old and suffers • Well located in the activity zone “ZAC du Pré from some structural problems despite regular des Aulnes”. maintenance works. • Very good road and very good transport • €100,000 budgeted for 2017. network. • Sopromo has an option to vacate in August • The property is 100% multi let. 2015. • Pole Emploi contracted a 9 year firm in July 2011. • Pole Emploi spent more than €1 million when contracting their lease. • Last lease contracted has been let on ERV level

Competition Adjacent Uses Main competition is located in the following zones: • Light industrial properties. • RER E railway serving Paris. • PA Pariest, partly formed by Lognes, Croissy • Restaurants. Beaubourg and Emerainville, was created in • 1977 and is 393 ha large. As of 31 Castorama. • December 2011, the zone comprised 464 The neighbourhood is also massively represented companies and 10,353 employees. by residential accommodations. • Hotel accommodation. • PA du Mandinet located in Lognes, was created in 1977 and is 24.5 ha large. As of 31 December 2011, the zone comprised 125 companies and 1,768 employees.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

There have been very few rental transactions in Pontault Combault over the last two years. As a consequence and as the subject property is representative of light industrial properties in Pontault Combault, we have retained ERV level on the basis of leases contracted for the subject property.

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €100,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €150,031 Total Net Rental Income: €148,634 Total gross ERV: €139,700 Total Net ERV: €138,303 Equivalent Yield: 7.99% Net Initial Yield: 8.86% WAULT 6.11 years WABO 3.37 years Market Value - Net of purchaser’s costs@ (rounded) €1,570,000 6.90% : Indicative Reinstatement Cost €1,460,000 Vacant Possession Value €1,155,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Pontault Combault 50,50,Rue des Pré des Aulnes,Pontault Combault,77340 File/Ref No FRA-041

Gross Valuation €1,776,904 Capital Costs -€100,000 Net Value Before Fees €1,676,904

Less Stamp Duty @6.90% of Net Value -€108,238

Net Valuation €1,568,666 Say €1,570,000

Equivalent Yield 7.9863% True Equivalent Yield 8.4105% Initial Yield (Deemed) 8.8636% Initial Yield (Contracted) 8.8636% Reversion Yield 8.2475%

Total Contracted Rent €150,031 Total Current Rent €150,031 Total Rental Value €139,700 No. Tenants 2 Capital value per m² €786.97

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €150,031 €148,634 8.8636 % 9.3773 % 01-Jul-2020 €139,742 €138,345 8.2500 % 8.6936 % 01-Sep-2021 €139,700 €138,303 8.2475 % 8.6908 %

Yields based on €1,676,904

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Sopromo exCOPYMIX NA 31-Aug-2021 €68,642 Rounded €68,600 Sopromo 369 Hardcore 8.250 €823,411 Pole emploi NA 30-Jun-2020 €81,389 Rounded €71,100 Pole Emploi 6/9 Hardcore 7.750 €953,493 Total €150,031 €139,700 €1,776,904

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 18 rue des Campanules – 77185 Lognes, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: HYNEDALE

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) Possibility to vacate FENWICK 640 31/12/22 30/06/15 43,520 anytime with a notice period of 6 months HYNEDALE 1,280 14/06/20 14/06/17 95,795 AEROFLUX 640 06/08/15 06/08/15 55,756 LES JARDINS DU 640 30/11/22 30/11/16 45,000 PARADIS 3,200 240,072

Location : The subject property is situated in the town of Lognes in the ‘Seine et Marne’ department some 26 km to the west of central Paris.

Lognes forms part of the ‘new town’ of Marne la Vallée (Val Maubuée development program). It has a population of approximately 14,281 according to the last INSEE population census. The town is bordered by the following towns: Croissy Beaubourg, Emerainville, Torcy, Champs sur Marne and Noisiel.

The property is more specifically located in the ‘Zone Industriel du Mandinet’ and the surrounding area is comprised mainly of light industrial buildings.

The A4 motorway, Paris-Strasbourg via Reims, is situated less than 1.5km from the subject property. The Roissy Charles de Gaulle airport is located 35km to north and can be reached in 28 minutes. Orly airport is 32km south west of the property and can be reached in 26 minutes.

The town benefits from two train stations: the ‘RER line A’ goes to Marne La Vallée Lognes (less than 30 minutes from the centre of Paris).

Description : The property was built in 1986.

The site is completely fenced and the entry is via a coded gateway. There are exterior parking spaces.

The total lettable area is 3,200 sq m with 2,350 sq m of light industrial premises and 850 sq m of office premises.

The building comprises a ground and first floor which are rectangular in shape. It is of a concrete structure, with a flat metallic roof and the facade is part corrugated steel cladding and part tiles. The windows have aluminium frames and are double glazed.

The building is divided into five different units and the layout is as follows: light industrial area on the ground floor and offices on the first floor. The ground floor has a floor to ceiling height of approximately 6m.

The offices have standard office fittings: carpeted floor, double glazed windows and electric convectors. There are toilet facilities on both the ground and the first floor. A staircase leads to the upper floor and the light industrial area is accessed through a hall. On the ground floor there is a loading and unloading door.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,350 sq m 73% Offices 850 sq m 27%

Total 3,200 sq m 100%

The property is complemented by 40 parking places.

Should we be provided with different area schedule performed by a measurement surveyor, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 1986 Cadastral We have identified the land references: cadastral references of the subject Refurbished: Works relative to ICPE compliance property to determine the planning led in 2012 and 2013 status of the property.

Waterproofing and smoke extraction We note that the subject property is system have been renovated in registered under AI 22 section with 2012 a total area of 5,193 sq m

Technical We have not carried out building Please see Appendix 3 for the issues : surveys, tested services, made cadastral map of the subject independent site investigations, property. inspected woodwork, exposed parts of the structure which were covered, Planning: We note that according to the unexposed or inaccessible, nor Urban Plan certificate (PLU), arranged for any investigations to approved the 14 May 2007 and be carried out to determine whether lastly revised the 17 December or not any deleterious or hazardous 2012 the subject property is located materials or techniques have been in the zone UI. used, or are present, in any part of the Property. We are unable, We note that the current and therefore, to give any assurance that historical use of the subject property the Property is free from defect. is in compliance with the allowed uses, as set out in the Local Plan We have considered that on the (Plan Local d’Urbanisme). basis of the capital expenditure budget retained, the property will We are not aware of any issues that not be subject to any other would adversely impact upon the renovation works over the next ten value of the property. years with the exception of maintenance works.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from the A4 motorway. Issues: services, made independent site investigations, inspected woodwork, The property has an excellent road exposed parts of the structure which access. were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held freehold. • The property is more than 30 years old and may • Well located in the zone “ZA Le Mandinet”. suffer from some structural problems despite • Very good road access. regular maintenance works. • The property is 100% multi let. • No capital expenditures budgeted. • Tenancy risk diversified. • Fenwick have a six monthly break option from • Most recent leases have been agreed at ERV 30/06/2015. level. • There are no leases which have a long fixed term remaining.

Competition Adjacent Uses Main competition is located in the following zones: • Light industrial properties. • RER A railway serving Paris. • PA Pariest, partly formed by Lognes, Croissy • Lognes Airport. Beaubourg and Emerainville, was created in • 1977 and is 393 ha large. As of 31 Restaurants. • December 2011, the zone comprised 464 Residential. • companies and 10,353 employees. Decathlon and Leroy Merlin (DIY) shopping stores. • PA du Mandinet located in Lognes, was • Hotel accommodation. created in 1977 and is 24.5 ha large. As of 31 December 2011, the zone comprised 125 companies and 1,768 employees.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation. Total Gross Rental Income €240,071 Total Net Rental Income: €237,895 Total gross ERV: €217,600 Total Net ERV: €215,424 Equivalent Yield: 9.00% Net Initial Yield: 9.88% WAULT 5.33 years WABO 1.65 years Market Value - Net of purchaser’s costs@ (rounded) €2,250,000 6.90% : Indicative Reinstatement Cost €2,490,000 Vacant Possession Value €1,815,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Lognes Campanules 18,18,Rue des Campanules,ZA Le Mandinet,LOGNES,77200 File/Ref No FRA-031

Gross Valuation €2,406,040 Capital Costs €0 Net Value Before Fees €2,406,040

Less Stamp Duty @6.90% of Net Value -€155,301

Net Valuation €2,250,739 Say €2,250,000

Equivalent Yield 9.0000% True Equivalent Yield 9.5311% Initial Yield (Deemed) 9.8874% Initial Yield (Contracted) 9.8874% Reversion Yield 8.9535%

Total Contracted Rent €240,071 Total Current Rent €240,071 Total Rental Value €217,600 No. Tenants 4 Capital value per m² €703.13

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €240,071 €237,895 9.8874 % 10.5300 % 07-Aug-2015 €184,315 €163,976 6.8152 % 7.1157 % 07-May-2016 €227,835 €225,659 9.3789 % 9.9555 % 15-Jun-2020 €219,080 €216,904 9.0150 % 9.5467 % 01-Dec-2022 €217,600 €215,424 8.9535 % 9.4778 %

Yields based on €2,406,040

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Jardin du Paradis NA 30-Nov-2022 €45,000 Unrounded €43,520 Let Hardcore 9.000 €486,912 HYNEDALE (EX Bona Computech) NA 14-Jun-2020 €95,795 Unrounded €87,040 Let Hardcore 9.000 €994,360 Fenwick NA 31-Dec-2022 €43,520 Unrounded €43,520 Let Hardcore 9.000 €478,720 Aeroflux (poor payer - vacant yield) NA 06-Aug-2015 €55,756 Unrounded €43,520 Let Hardcore 9.000 €446,048 Total €240,071 €217,600 €2,406,040

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 3 Avenue Bouton d’Or, 94370 Sucy en Brie

Inspection: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Freehold Main Tenant / Tenant SOUDURES NEVAX / S.I.D.E Covenant:

Tenancy Accommodation Lettable Area (sq Lease Expiry Break option Gross income Lease comments m) € pa (€/sq m/mth) Subletting allowed for S.I.D.E 1,512 sq m 31/08/19 31/08/16 €124,422 1/3 of the surface areas.

2,151 sq m VACANT €124,422 TOTAL 3,663 sq m

Location : The subject property is located to the south east of Paris, in the Department of Val de Marne (94), in the city of Sucy en Brie. This town is located approximately 15 kilometers east of Paris and accommodates approximately 25,600 inhabitants (INSEE 2011).

The subject property is located in the business park “Parc d’ activités des Petits Carreaux”. This park is located to the west of the city, near the N19 road and extends until the town of Bonneuil sur Marne. It was developed in 1973. Currently it is considered to be an important light industrial area. It accommodates approximately 150,000 sq m of built area, 180 small and medium companies and 3,000 jobs.

The property is more precisely located at 3, Avenue Bouton d’ Or. Its immediate surrounding is composed of mixed use buildings (warehousing and light industrial).

Regarding the transport network, this area benefits from excellent infrastructure. The highways A4 and A86 provide access to Paris within 15 minutes.

The public transportation is mainly provided by the bus lines 308 and 393 and the RER A that links this area with the centre of Paris within 50 minutes.

Description : The property is a light industrial building with associated office premises. It was constructed in 1988 and was fully refurbished in 2007.

The building is of a rectangular shape and consists of ground and two upper floors. It is of a concrete frame construction with brick cladding and aluminum framed windows.

The office accommodation benefits from natural light from the front and rear elevations and offers standard fixtures and fittings: - Carpet on the floors; - Suspended ceilings with recessed lighting; - Individual electric convector.

The light industrial accommodation offers standard fixtures and fittings: - 6 dock bay on ground level with automatic levelers; - Floor Loading: 5 tones/sq m; - Gas forced-air heater; - Floor-to-ceiling height:5.50 meters; - Suspended ceilings with recessed lighting; - Individual electric convector.

The property is complemented by 40 exterior parking places. Furthermore, the business park “Parc d’ activités des Petits Carreaux” provides 24 hour security, a staff restaurant and postal services.

Accommodation For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2 567 sq m 70% Offices 1 096 sq m 30% Total 3 663 sq m

Should we be provided with different area schedule performed by a measurement surveyor, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 1988 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2008 / 2010 / 2011 / 2013 / property to determine the planning 2014 status of the property.

Technical We have not carried out building We note that the subject property is issues : surveys, tested services, made registered under the section AZ 325 independent site investigations, for a total area of 4,548 sq m. inspected woodwork, exposed parts of the structure which were covered, Please see Appendix 3 to consult the unexposed or inaccessible, nor cadastral map of the subject arranged for any investigations to property. be carried out to determine whether or not any deleterious or hazardous Planning: We note that according to the town materials or techniques have been planning (PLU), approved the 10th used, or are present, in any part of June 1998 and lastly revised the the Property. We are unable, 12th December 2011, the subject therefore, to give any assurance that property is located in the zone UFb. the Property is free from defect. We note that the current and We have considered that on the historical use of the subject property basis of the capital expenditure is in compliance with the allowed budget retained, the property will uses, as set out in the Local Plan not be subject to any other (Plan Local d’Urbanisme). renovation works over the next ten years with the exception of We are not aware of any issues that maintenance works. would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property benefits from good Contamination carried out structural surveys, tested Infrastructure: visibility in the centre of the business Issues: services, made independent site park “Parc d’ activités des Petits investigations, inspected woodwork, Carreaux”. exposed parts of the structure which were covered, unexposed or It also has an excellent road access inaccessible, nor arranged for any by the highways A4 and A186. investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

∑ The property is not, or likely to be, affected by land contamination and that there are no abnormal ground conditions, nor archaeological remains, nor hazardous nor deleterious materials present which might adversely affect the present or future occupation, development or value of any of the properties, and; ∑ The property is free from rot, infestation, structural or design defect, and; No high alumina cement nor other currently known prohibited or suspect materials or techniques have been used in the construction of, or subsequent alterations or additions to, any of the properties.

Property Strengths Property Weaknesses

• Freehold property; • The business park is aging; • Completely refurbished in 2007; • High vacancy rate in the business park; • Good location in the centre of the business • The tenant Nevax served notice on 30/11/2014; park “Parc des Petits Carreaux”; • Good road access to the highways A4 and A86.

Competition Adjacent Uses

• Main competition in the surrounding ZI des • Light industrial petits carreaux • Parcel services • Warehouse

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions LA HAIE GRISELLE - 22 RUE DU 8 MAI 1945 94470 BOISSY ST LEGER Surface : 200 sq m

Rent : 110 €/sq m/ pa excluding taxes and charges Réf 56342 Tenant : IMPACT CENTRE CHRETIEN 1 Landlord : N/C Photo

State of repair : Adequate state of repair Transaction date : 04/06/2014

3-5 AVENUE DE LA SABLIERE 94370 SUCY EN BRIE Surface : 422 sq m Rent : 77 €/sq m/ pa excluding taxes and charges Réf 56980 2 Tenant : FRET X'PRESS Photo Subject property 3 Landlord : SCI KENASU State of repair : Adequate state of repair Transaction date : 12/10/2012 14 RUE CHRISTOPHE COLOMB 94370 SUCY EN BRIE Surface : 927 sq m

Rent : 75 €/sq m/ pa excluding taxes and charges Réf 65235 2 Tenant : OXYMORE 3 Landlord : SCI IEF1 Photo

State of repair : Adequate state of repair Transaction date : 01/09/2012 1

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €48,435 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 0.75% of ERV to begin at the date of valuation Total Gross Rental Income €124,423 Total Net Rental Income: €43,896 Total gross ERV: €294,500 Total Net ERV: €292,291 Equivalent Yield: 8.78% Net Initial Yield: 1.39% WAULT 4.75 WABO 1.75 Market Value - Net of purchaser’s costs@ (rounded) €2,945,000 6.90% : Indicative Reinstatement Cost €2,780,000 Vacant Possession Value €2,365,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Sucy en Brie,3,Avenue Bouton d' Or,Sucy en Brie,94370 File/Ref No FRA-050

Gross Valuation €3,195,064 Capital Costs -€48,435 Net Value Before Fees €3,146,629

Less Stamp Duty @6.90% of Net Value -€203,103

Net Valuation €2,943,526 Say €2,945,000

Equivalent Yield 8.7869% True Equivalent Yield 9.2701% Initial Yield (Deemed) 1.3950% Initial Yield (Contracted) 1.3950% Reversion Yield 9.2890%

Total Contracted Rent €124,423 Total Current Rent €124,423 Total Rental Value €294,500 No. Tenants 2 Capital value per m² €803.99

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €124,423 €43,896 1.3950 % 1.4073 % 01-Jun-2015 €124,423 €96,309 3.0607 % 3.1202 % 01-Jul-2015 €296,538 €268,424 8.5305 % 9.0055 % 01-Jun-2016 €297,228 €295,019 9.3757 % 9.9520 % 01-Jun-2017 €303,091 €300,882 9.5620 % 10.1620 % 01-Jun-2019 €310,335 €308,126 9.7923 % 10.4222 % 01-Sep-2019 €185,912 €183,703 5.8381 % 6.0575 % 01-Dec-2019 €307,712 €305,503 9.7089 % 10.3279 % 01-Jun-2020 €311,046 €308,837 9.8149 % 10.4478 % 01-Jun-2024 €121,800 €119,591 3.8006 % 3.8926 % 01-Sep-2024 €294,500 €292,291 9.2890 % 9.8544 %

Yields based on €3,146,629

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant - ancien Nevax NA 31-May-2024 €0 Rounded €172,700 Vacant Hardcore 9.000 €1,782,592 SIDE NA 31-Aug-2019 €124,423 Rounded €121,800 369 Hardcore 8.500 €1,412,472 Total €124,423 €294,500 €3,195,064

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Avenue Louison Bobet - ZI de la Pointe – 94120, Fontenay-sous-Bois, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: MAES APR

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Lease Break Gross income Lease comments option € pa (€/sq m/pa) Renewal at ERV level MAES 1,744 31/12/2014 31/12/14 170,939 assumed APR 330.00 31/03/2022 31/03/16 26,100 Vacant 620.00 0.00 Vacant 300.00 0.00 2,994 197,039

Location : Fontenay-sous-Bois is situated in the French department of Val de Marne in the Paris region and has a population of approximately 51,000.

The surrounding area provides a mixture of use classes including office, residential and light industrial premises. In terms of public transport, the Val de Fontenay train station is situated approximately 400m from the subject property. This station benefits from two major RER lines, A and E, which provide a regular suburban rail service into the centre of Paris.

The “Zone à Urbaniser en Priorité” and the shopping centre du Val de Fontenay are situated approximately 500 m and 600 m respectively from the subject property.

Description : The property comprises a single storey, purpose built light industrial building, dating from 1978. The building has been constructed using a steel portal frame with a flat roof and a reinforced concrete floor. The elevations are clad with metallic panels and concrete; with breeze-blocks dividing the units.

The property provides open plan office accommodation arranged over the ground and first floors. The light industrial premises are on the ground floor. The floor space is rectangular in shape. The building has a secure forecourt and outdoor car parking spaces. The total area is 2,994 sq. m of which 798 sq. m is office space and 2,196 sq. m is light industrial space.

The accommodation is generally open plan with some demountable partitioning creating cellular office space with good natural light from front and rear elevations.

The specification of the office premises generally includes recessed lighting, painted walls and tiled/carpeted floors. The specification of the light industrial premises includes suspended lights and solid concrete floors.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,196 sq m 73% Offices 798 sq m 27%

Total 2,994 sq m

The property is complemented by 31 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation accordingly.

Technical We have not carried out building We note that the subject property is issues : surveys, tested services, made registered under AN 256 and AM independent site investigations, 441 sections for a total area of inspected woodwork, exposed parts 4,116 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 which details arranged for any investigations to the cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the used, or are present, in any part of Urban Plan certificate (PLU), the Property. We are unable, approved the 26 October 2007 and therefore, to give any assurance that lastly revised the 27 June 2013 the the Property is free from defect. subject property is located in the zoning area of ZI of La Pointe. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan Local d’Urbanisme). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible when located at the junction Issues: services, made independent site with the A86 motorway. investigations, inspected woodwork, exposed parts of the structure which The property has an excellent road were covered, unexposed or and convenient transport network. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is nearly 40 years old and can suffer • Well located on an activity zone. from some structural problems despite regular • Excellent road and convenient transport maintenance works. network. • Budget of €255,790 is needed and budgeted. • Located close to a well-established shopping • The property is 31% vacant. mall. • The property does not present any long term • The tenant is a secure covenant with options lease with firm period remaining. to extend on expiry of the current lease due to current vacancy.

Competition Adjacent Uses • The city of Fontenay-sous-Bois includes 9 • Light industrial properties. main activity zones located on each side of • Residential accommodations. the A86 motorway. • The zone named “La Pointe” where the subject property is located is situated to the East of this large area. It is bordered to the West by the A86 motorway and to the North by the zone named “Périgare” and to the West by the zone “Val-de-Fontenay”. • Val-de-Fontenay can be considered as better located as it is better served by public transport.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €255,790 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV to begin at the date of valuation Total Gross Rental Income €197,039 Total Net Rental Income: €168,666 Total gross ERV: €204,260 Total Net ERV: €200,175 Equivalent Yield: 8.96% Net Initial Yield: 8.87% WAULT 1.47 years WABO 0.68 years Market Value - Net of purchaser’s costs@ (rounded) €1,780,000 6.90% : Indicative Reinstatement Cost €2,120,000 Vacant Possession Value €1,425,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Fontenay Bobet,Louison Bobet,Fontenay-Sous-Bois,94120 File/Ref No FRA-018

Gross Valuation €2,157,792 Capital Costs -€255,790 Net Value Before Fees €1,902,002

Less Stamp Duty @6.90% of Net Value -€122,767

Net Valuation €1,779,235 Say €1,780,000

Equivalent Yield 8.9552% True Equivalent Yield 9.4615% Initial Yield (Deemed) 8.8678% Initial Yield (Contracted) 8.8678% Reversion Yield 10.5244%

Total Contracted Rent €197,039 Total Current Rent €197,039 Total Rental Value €204,260 No. Tenants 3 Capital value per m² €594.52

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €197,039 €168,666 8.8678 % 9.3820 % 01-Jan-2015 €158,040 €129,667 6.8174 % 7.1181 % 01-Dec-2015 €158,040 €147,022 7.7298 % 8.1182 % 01-Mar-2016 €204,260 €193,242 10.1599 % 10.8394 % 01-Dec-2016 €204,260 €200,175 10.5244 % 11.2549 %

Yields based on €1,902,002

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant ex-JAWS NA 30-Nov-2024 €0 Unrounded €46,220 Vacant Hardcore 9.750 €384,640 MAES NA 31-Dec-2014 €170,939 Unrounded €131,940 Let Hardcore 8.750 €1,480,833 APR NA 31-Mar-2022 €26,100 Unrounded €26,100 Let Hardcore 8.750 €292,320 Total €197,039 €204,260 €2,157,792

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Buildings 1, 2, 3 - Rue des Epinettes, ZI Torcy Nord, 77200 Torcy, France

Inspected on: 27 November 2014 Valuer: Franck Truong

Tenure: Co-ownership Tenant / Tenant Covenant: Phase 4

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) CAFES FOLLIET 1,069 30/09/14 30/09/14 81,584 ARM-VI 576 14/12/20 14/12/17 34,303 SODISTRI 318 31/12/19 31/12/16 18,509 CITEC 1,114 30/09/20 30/09/17 66,462 VERITAS 1,244 31/12/18 31/12/15 83,411 PHASE 4 4,302 31/03/23 31/03/18 265,000 Currently in sold to the ABIO PLAST 2,450 31/01/14 31/01/14 tenant VACANT 911 Technical 53 No ERV attributed Technical 44 No ERV attributed VACANT 775 Promise to sell to be VACANT 170 signed shortly Promise to sell to be VACANT 436 signed shortly Promise to sell to be VACANT 303 signed shortly 13,765 549,270

Location : The subject property is situated in the town of Torcy in the ‘Seine et Marne’ department some 27km to the west of the centre of Paris.

Torcy forms part of the ‘new town’ of Marne la Vallée and more precisely of the ‘Val Maubuée’ development program. It has a population of approximately 21,595 according to the last INSEE population census.

The town is bordered to the north by the Marne river, to the east by the ‘Francilienne’ road, to the west by the town of Noisiel and to the south by Lognes.

The property is located in the ‘Zone Industrielle Torcy Nord’ and the surrounding area comprises of mainly light industrial buildings. The industrial area of Torcy comprises some 114 companies mostly focussing on the industrial sector, employing around 1,600 people.

The A4 motorway, Paris-Strasbourg via Reims, is situated less than 3.6km from the subject property. The A104 (commonly known as La Francilienne) leads directly to the Roissy Charles de Gaulle airport to the north (32 km - 27 minutes). Orly airport on the other hand is 33km south west of the property and can be reached in 28 minutes.

The town benefits from two train stations as well: the ‘RER line A’ which goes to Marne La Vallée, Torcy is only 30 minutes from the centre of Paris; and the ‘SNCF rail way line’; station at Vaires/Torcy.

Description : There are four separate buildings, under co-ownership regime and all divided into separate cells.

The property was built in 1978. All the buildings are rectangular in shape, have a concrete structure, a flat metallic roof and a corrugated metal clad facade. All are equipped with loading bays and standard ancillary offices on the ground floor and in some cases on the first floor too. The floor to ceiling height in almost all of the buildings is approximately six metres. The property has a total lettable area of 13,765 sq m with 11,580 sq m of light industrial premises and 2,185 sq m of office premises.

However, all the buildings do not benefit from the same type of fixtures and fittings, the recently let ones have been completely refurbished and are in a very good state of repair.

Vacant units need to be refurbished.

Specifications: fire extinguishers in all occupied premises. The site is not fenced; it is a large open industrial area, exterior car parking spaces.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 11,580 sq m 84% Offices 2,185 sq m 16%

Total 13,765 sq m 100%

Should this information prove to be incorrect, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 1978 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/S property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under AK sections. inspected woodwork, exposed parts of the structure which were covered, Please see Appendix 3 to consult the unexposed or inaccessible, nor cadastral map of the subject arranged for any investigations to property. be carried out to determine whether or not any deleterious or hazardous Planning: We note that according to the Land materials or techniques have been Use Plan (POS) of the city of Torcy, used, or are present, in any part of the subject property is located in the the Property. We are unable, zoning area ZAI. therefore, to give any assurance that the Property is free from defect. We note that the current and historical use of the subject property We have considered that on the is in compliance with the allowed basis of the capital expenditure uses, as set out in the Local Plan budget retained, the property will (Plan d’Occupation des Sols). not be subject to any other renovation works over the next ten We are not aware of any issues that years with the exception of would adversely impact upon the maintenance works. value of the property.

Condition: The building is in an average to Mandatory In the frame of our study, we have good state of repair considerate of verifications: been informed of any mandatory the age. There is a variance in terms verification considering the subject of the internal fixtures and fittings as property. some have been recently refurbished.

Environmental/ We were not instructed, nor have we Visibility and The activity zone in which the Contamination carried out structural surveys, tested Infrastructure: property is located is directly Issues: services, made independent site accessible from the highway. investigations, inspected woodwork, However, the property lacks visibility exposed parts of the structure which from the entrance of the zone as it is were covered, unexposed or located to the rear of the park. inaccessible, nor arranged for any investigation to be carried out to Torcy Nord area has an excellent determine whether or not any road and a good transport network. deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Well located in the activity zone “ZAI”. • Property held in co-ownership • Very good road and very good transport • The property is nearly 40 years old and suffers network. from some structural problems despite regular • Located near shopping gallery Bay 1. maintenance works. • Located close to a well-established shopping • No capital expenditures budgeted. mall Bay 2. • The property is 20% vacant. • The property is 80% multi let. • The property does not present any long term • Tenancy risk diversified. lease with firm period remaining. • Some vacant spaces are currently under sale process that proves a certain interest for current or future users to set up their activity in this location.

Competition Adjacent Uses Main competition is located in the following zones: • Shopping gallery Bay 1 including a cinema and various supply of restaurant. • ZI of Torcy was created in 1973 and is 35 ha • Shopping mall Bay 2 including a Carrefour hyper large. As of 31 December 2011, the zone market. comprised 125 companies and 1,476 • RER railway serving Paris. employees. • The neighbourhood is also massively represented • PA Pariest, partly formed by Lognes, Croissy by residential accommodations. Beaubourg and Emerainville, was created in 1977 and is 393 ha large. As of 31 December 2011, the zone comprised 464 companies and 10,353 employees. • PA du Mandinet located in Lognes, was created in 1977 and is 24.5 ha large. As of 31 December 2011, the zone comprised 125 companies and 1,768 employees.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation. Total Gross Rental Income 660,569 Total Net Rental Income: 570,462 Total gross ERV: 705,854 Total Net ERV: 698,795 Equivalent Yield: 8.92% Net Initial Yield: 7.24% WAULT 5.98 years WABO 2.46 years Market Value - Net of purchaser’s costs@ (rounded) €7,365,000 6.90% : Indicative Reinstatement Cost €8,560,000 Vacant Possession Value €5,460,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address T2 TOTAL TORCY Nord,ZI Torcy Nord-Rue des Epinettes,TORCY,77200 File/Ref No FRA-052

Gross Valuation €7,875,154 Capital Costs €0 Net Value Before Fees €7,875,154

Less Stamp Duty @6.90% of Net Value -€508,312

Net Valuation €7,366,842 Say €7,365,000

Equivalent Yield 8.9249% True Equivalent Yield 9.4460% Initial Yield (Deemed) 7.2438% Initial Yield (Contracted) 7.2438% Reversion Yield 8.8734%

Total Contracted Rent €660,569 Total Current Rent €660,569 Total Rental Value €705,854 No. Tenants 14 Capital value per m² €535.05

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €660,569 €570,462 7.2438 % 7.5840 % 01-Jun-2015 €660,569 €577,401 7.3319 % 7.6806 % 01-Aug-2015 €660,569 €598,263 7.5968 % 7.9717 % 01-Sep-2015 €660,569 €619,903 7.8716 % 8.2747 % 01-Oct-2015 €578,985 €505,341 6.4169 % 6.6827 % 01-Dec-2015 €595,044 €531,384 6.7476 % 7.0421 % 01-Feb-2016 €643,327 €579,667 7.3607 % 7.7122 % 01-Mar-2016 €693,412 €629,752 7.9967 % 8.4129 % 01-Apr-2016 €750,069 €719,388 9.1349 % 9.6813 % 01-Jun-2016 €773,177 €744,905 9.4589 % 10.0457 % 01-Aug-2016 €773,177 €752,147 9.5509 % 10.1494 % 01-Sep-2016 €773,177 €759,660 9.6463 % 10.2571 % 01-Dec-2016 €773,177 €763,126 9.6903 % 10.3069 % 01-Jan-2019 €755,698 €745,647 9.4683 % 10.0563 % 01-Jan-2020 €754,043 €743,992 9.4473 % 10.0326 % 01-Oct-2020 €746,623 €736,572 9.3531 % 9.9265 % 15-Dec-2020 €742,848 €732,797 9.3052 % 9.8726 % 03-Apr-2023 €705,854 €695,803 8.8354 % 9.3457 %

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

01-Mar-2098 €705,854 €698,795 8.8734 % 9.3882 %

Yields based on €7,875,154

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Veritas - Bat 2 e NA 31-Dec-2018 €83,411 Unrounded €65,932 Let Hardcore 8.750 €803,908 Vacant exLodipro p NA 31-Aug-2024 €0 Unrounded €41,075 Vacant Hardcore 9.750 €349,056 Vacant exARTEM - Bat 2 o NA 31-Jul-2024 €0 Unrounded €48,283 Vacant Hardcore 9.750 €415,785 Vacant ex-Transport Derras- Bat 1 r NA 30-Nov-2024 €0 Unrounded €23,108 Vacant Hardcore 9.750 €188,631 Vacant ex-SUN LONG s NA 31-May-2024 €0 Unrounded €16,059 Vacant Hardcore 9.750 €141,976 Vacant ex Myriam Paysage - Bat 1 q NA 31-Aug-2024 €0 Unrounded €9,010 Vacant Hardcore 9.750 €76,567 SODISTRI c NA 31-Dec-2019 €18,509 Unrounded €16,854 Let Hardcore 8.750 €197,257 Phase 4 - Bat 2 f NA 02-Apr-2023 €265,000 Unrounded €228,006 Let Hardcore 8.750 €2,792,452 Local Technique EDF h NA 28-Feb-2101 €0 Unrounded €0 Let Hardcore 8.750 -€15,499 Local Technique h NA 28-Feb-2101 €0 Unrounded €0 Let Hardcore 8.750 -€18,669 Cafes Folliet -Bat 1 a NA 30-Sep-2015 €81,584 Unrounded €56,657 Let Hardcore 8.750 €621,032 CITEC - Bat 2 d NA 30-Sep-2020 €66,462 Unrounded €59,042 Let Hardcore 8.750 €700,831 ARM-VI b NA 14-Dec-2020 €34,303 Unrounded €30,528 Let Hardcore 8.750 €362,548 ABIO PLAST ex AGF Iart - Bat 3 g NA 23-Jul-2015 €111,300 Unrounded €111,300 Let Hardcore 8.750 €1,259,280 Total €660,569 €705,854 €7,875,154

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 3

Address: Le Parc aux Vignes – 77183 Croissy Beaubourg, France

Inspected on: 27 Novembre 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: SERVIWARE, PF CONCEPT, SAMADOC

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) MEDIAVEA 141 31/12/22 31/12/16 14,100 CREATIVE 50 30/06/20 30/06/17 5,902 NETWORK SET TELECOM 98 28/02/13 02/06/15 13,347 IE CONSEIL 366 28/02/23 28/02/17 36,600 BONA 95 31/03/22 31/03/16 10,000 COMPUTECH NORMA 292 31/10/20 31/10/17 30,966 Current procedure to NORMA 123 31/10/14 31/10/14 13,044 terminate the lease UNICUM 142 31/12/21 31/12/15 17,687 BIDDLE 194 16/07/20 16/07/17 23,243 UJ MOTORS 300 31/10/23 31/10/17 23,000 SERVIWARE 1,520 31/05/19 31/05/16 120,000 MEDIFLUX 300 15/11/21 15/11/15 23,237 SAMADOC 1,526 31/10/15 31/10/15 140,329 Step rent 307 31/05/23 31/05/17 24,560 PF CONCEPT Indemnity equivalent to 4.5 month rent in case PF CONCEPT 619 31/05/23 31/05/17 49,520 of departure before 31/05/2017 VACANT 605 02/09/15 02/09/15 62,315 Guarantee for loss of VACANT 461 02/09/15 02/09/15 rent until September VACANT 473 02/09/15 02/09/15 28,682 2015 due to fire VACANT 608 02/09/15 02/09/15 54,380 destruction happened VACANT 318 02/09/15 02/09/15 48,767 in 2012 OPTENSE 302 31/10/18 31/10/15 24,160

COMPUTER 460 31/12/16 31/12/16 38,000 TRADE KAKO NEW 300 05/06/20 05/06/17 25,980 ENERGY CONDAIR / 302 31/08/20 31/08/17 25,831 WALTER MEIER DENIS PAPIN 302 31/03/23 31/03/17 23,000 COLLECTIVITES VACANT 759 VACANT 460 VACANT 772 VACANT 300 VACANT 193 VACANT 895 VACANT 287 VACANT 303 VACANT 300 VACANT 175 VACANT 101 14,749 876,650

Regarding the tenants occupying building F before the fire damage. We have been informed that they all left the property. Despite their departure, it has been indicated that the rents will still be received until September 2015. The level of these rents will be the passing rent existing when the fire occurred.

Location : The subject property is located in the eastern part of the Ile-de-France region circa 25 km East of Paris, in the Department of Seine et Marne, in the city of Croissy Beaubourg. The town has 2,147 inhabitants (INSEE 2004).

Croissy Beaubourg is a small municipality which includes residential and tertiary areas: the “ZA Pariest” area. This area is also located on the border of the Lognes municipality. The “ZA Pariest” area is situated in the south of the city, between the A4 highway, the National Road 104 and the Lognes – Emerainville airfield. This park developed in the 1980s and is a key tertiary area which includes warehouse, light industrial, commercial and office buildings.

The property “Parc des Vignes” is more precisely located on Allée des Vendanges, in the southern limits of the “ZA Pariest” area. It mainly houses small and medium sized businesses but there are larger occupiers such as Samadoc, Mediflux or PF Concept.

This area benefits from excellent road access with the A4 highway and the National Road 104 (the “Francilienne”). Charles de Gaulle airport is located circa 37 km north of Croissy Beaubourg. Croissy Beaubourg is connected to the RER A line, via the “Torcy” train station and to the RER E line, via the “Emerainville” train station.

Description : The property is a light industrial and office complex which houses 3 office buildings and 5 light industrial constructions, accommodating a total of 34 units.

The property has a total lettable area of 14,749 sq. m with 8,937 sq. m of light industrial premises and 5,812 sq. m of office premises. A car park comprising 185 spaces is also shared between the buildings.

Office Buildings:

Building A: 7 units (3 units on the ground floor and 4 units on the first floor). Building B: 4 units (2 units on the ground floor and 2 units on the first floor). Building C: 3 units.

These 3 buildings are rectangular, with flat roofs. They are made of concrete frame construction with brick cladding to the external walls and aluminium frame double glazed windows. The buildings are of good quality and comprise two storeys.

Access is via double glass panel doors which open into the common parts (which include lavatories and a single stairway). This entrance also leads to the different office units located on level 2.

The office accommodation benefits from natural light and presents a functional and flexible layout with demountable partitioning or open space. It offers standard fixtures and fittings:

‹ Carpeted floors. ‹ Painted walls, demountable partitioning. ‹ Suspended ceilings with recessed lighting or painted ceilings.

The premises are not equipped with an air-conditioning system. They are heated by electric individual convectors.

The offices have a floor to ceiling height of around 2.50 metres. These premises appear to be in good condition.

Light Industrial Buildings:

Building D: 5 units. Building E: 1 unit. Building F: 7 units. Building G: 5 units. Building H: 2 units.

These single-storey buildings are rectangular, with a flat steel roof, concrete frame constructions, brick cladding to the façades and aluminium frame double glazed windows.

We understand that all the units offer a similar floor plan.

In the central and the rear parts of the building, each unit houses two rectangular storage cells, equipped with a single loading bay and a single panel entrance door in the rear façade.

These cells comprise a floor-to-ceiling height of around 3 metres. They are not equipped with an air-conditioning system.

Building F was largely destroyed by fire prior to the September 2012 valuation. We understand that all units have been renovated as of the date of valuation. When renovated, an A/C system has been installed.

All other units are in good condition.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 8,937 sq m 61% Offices 5,812 sq m 39%

Total 14,749 sq m 100%

The property is complemented by 185 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1980 Cadastral We have identified the land references: cadastral references of the subject Refurbished: Building F was renovated in 2014 property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under AD 29 and AD 36 inspected woodwork, exposed parts section for a total area of 41,063 sq of the structure which were covered, m unexposed or inaccessible, nor arranged for any investigations to Please see Appendix 3 to consult the be carried out to determine whether cadastral map of the subject or not any deleterious or hazardous property. materials or techniques have been Planning: used, or are present, in any part of We note that according to the the Property. We are unable, Urban Plan certificate (PLU), therefore, to give any assurance that approved the 31 May 2005 and the Property is free from defect. lastly revised the 31 January 2012 the subject property is located in the We have considered that on the zone UX-PEa. basis of the capital expenditure budget retained, the property will We note that the current and not be subject to any other historical use of the subject property renovation works over the next ten is in compliance with the allowed years with the exception of uses, as set out in the Local Plan maintenance works. (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Not very good exposure as located Contamination carried out structural surveys, tested Infrastructure: at the back of the activity zone Issues: services, made independent site bordering the Bois de Beaubourg investigations, inspected woodwork, (forest). exposed parts of the structure which were covered, unexposed or The property has good road access. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is more than 30 years old and can • Well located in the activity zone “ZI Paris Est”. suffer from some structural problems despite • Very good road access. regular maintenance works. • The property is 69% multi let. • Capital expenditures of €300,000 have been • Tenancy risk diversified. budgeted. • Last leases have been contracted at ERV level. • The property is 31% vacant. • The property does not present any long term lease with firm period remaining.

Competition Adjacent Uses Main competition is located in the following zones: • Light industrial properties. • RER A and RER E railway serving Paris. • PA Pariest, partly formed by Lognes, Croissy • Lognes Airport. Beaubourg and Emerainville, was created in • 1977 and is 393 ha large. As of 31 Restaurants. • December 2011, the zone comprised 464 The neighbourhood is also significantly companies and 10,353 employees. represented by residential accommodations. • Decathlon shopping store. • PA du Mandinet located in Lognes, was • Hotel accommodation. created in 1977 and is 24.5 ha large. As of • Green space. 31 December 2011, the zone comprised 125 companies and 1,768 employees.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €300,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation. Total Gross Rental Income €779,570 Total Net Rental Income: €594,575 Total gross ERV: €1,205,752 Total Net ERV: €1,193,694 Equivalent Yield: 9.04% Net Initial Yield: 4.71% WAULT 3.88 years WABO 1.52 years Market Value - Net of purchaser’s costs@ (rounded) €11,820,000 6.90% : Indicative Reinstatement Cost €12,550,000 Vacant Possession Value €9,465,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Croissy Beaubourg,Le Parc aux Vignes,Croissy Beaubourg,77183 File/Ref No FRA-015

Gross Valuation €12,937,136 Capital Costs -€300,000 Net Value Before Fees €12,637,136

Less Stamp Duty @6.90% of Net Value -€815,680

Net Valuation €11,821,455 Say €11,820,000

Equivalent Yield 9.0361% True Equivalent Yield 9.5569% Initial Yield (Deemed) 4.7050% Initial Yield (Contracted) 4.7050% Reversion Yield 9.4697%

Total Contracted Rent €779,570 Total Current Rent €779,570 Total Rental Value €1,205,752 No. Tenants 35 Capital value per m² €801.41

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €779,570 €594,575 4.7050 % 4.8467 % 31-Dec-2014 €766,526 €576,851 4.5647 % 4.6980 % 01-Jan-2015 €840,606 €650,931 5.1509 % 5.3211 % 01-Feb-2015 €863,606 €673,931 5.3329 % 5.5155 % 20-May-2015 €850,259 €656,855 5.1978 % 5.3712 % 01-Jun-2015 €854,889 €779,882 6.1714 % 6.4169 % 01-Jul-2015 €854,889 €782,718 6.1938 % 6.4412 % 01-Sep-2015 €1,218,489 €1,146,318 9.0710 % 9.6096 % 03-Sep-2015 €1,233,845 €1,161,674 9.1925 % 9.7460 % 01-Oct-2015 €1,246,145 €1,173,974 9.2899 % 9.8554 % 01-Nov-2015 €1,221,816 €1,149,645 9.0974 % 9.6391 % 20-Nov-2015 €1,221,816 €1,151,903 9.1152 % 9.6592 % 20-Feb-2016 €1,231,616 €1,161,703 9.1928 % 9.7462 % 01-Jun-2016 €1,231,616 €1,216,243 9.6244 % 10.2324 % 01-Jul-2016 €1,231,616 €1,218,088 9.6390 % 10.2489 % 20-Nov-2016 €1,231,616 €1,219,558 9.6506 % 10.2620 % 01-Nov-2018 €1,230,456 €1,218,398 9.6414 % 10.2516 % 01-Jun-2019 €1,225,956 €1,213,898 9.6058 % 10.2114 %

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

06-Jun-2020 €1,222,776 €1,210,718 9.5806 % 10.1830 % 01-Jul-2020 €1,221,874 €1,209,816 9.5735 % 10.1749 % 17-Jul-2020 €1,218,031 €1,205,973 9.5431 % 10.1406 % 01-Sep-2020 €1,215,200 €1,203,142 9.5207 % 10.1153 % 01-Nov-2020 €1,213,434 €1,201,376 9.5067 % 10.0996 % 16-Nov-2021 €1,212,997 €1,200,939 9.5033 % 10.0957 % 01-Jan-2022 €1,209,510 €1,197,452 9.4757 % 10.0646 % 01-Apr-2022 €1,209,010 €1,196,952 9.4717 % 10.0601 % 01-Apr-2023 €1,208,962 €1,196,904 9.4713 % 10.0597 % 01-Jun-2023 €1,208,952 €1,196,894 9.4712 % 10.0596 % 01-Nov-2023 €1,208,752 €1,196,694 9.4697 % 10.0578 %

Yields based on €12,637,135

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Walter Meier (ex Cofidur) 22 NA 31-Aug-2020 €25,831 Rounded €23,000 Let Hardcore 8.750 €272,609 Vacant ex-BONA COMPUTECH 31 NA 31-May-2024 €0 Rounded €22,800 Vacant Hardcore 9.750 €207,451 Vacant ex CDC ex SEDUS 28 NA 31-May-2024 €0 Rounded €57,700 Vacant Hardcore 9.750 €525,001 Vacant (exFrance Distribution Loisirs) 29 NA 31-May-2024 €0 Rounded €35,000 Vacant Hardcore 9.750 €318,465 Vacant (ex-KARL DUNGS LOTS 3&4) 30 NA 31-May-2024 €0 Rounded €58,700 Vacant Hardcore 9.750 €534,102 VACANT ex IE CONSEIL 34 NA 31-May-2024 €0 Rounded €28,700 Vacant Hardcore 9.750 €262,741 VACANT Seinem (ex-KARL DUNGS L 33 NA 31-May-2024 €0 Rounded €68,000 Vacant Hardcore 9.750 €618,709 VACANT SOMAINTEL SYNEMATIC (S 16 NA 02-Sep-2015 €28,682 Rounded €40,200 Let Hardcore 8.750 €446,751 VACANT SEINEM 15 NA 02-Sep-2015 €62,315 Rounded €90,600 Let Hardcore 8.750 €1,005,225 VACANT KARL DUNGS LOTS 5 36 NA 31-May-2024 €0 Rounded €22,800 Vacant Hardcore 9.750 €207,451 VACANT Eyeshot (exVOBISCOM) 35 NA 31-May-2024 €0 Rounded €23,000 Vacant Hardcore 9.750 €209,264 VACANT Emi Tertiaire (ex Biddle) 32 NA 31-May-2024 €0 Rounded €19,300 Vacant Hardcore 9.750 €176,687 VACANT EX ONET 37 NA 31-May-2024 €0 Rounded €17,500 Vacant Hardcore 9.750 €160,208 VACANT EX ONET 38 NA 31-May-2024 €0 Rounded €10,100 Vacant Hardcore 9.750 €92,463 VACANT EX Norma 06 NA 31-Oct-2020 €13,044 Rounded €12,300 Vacant Hardcore 9.750 €112,756 VACANT Consortium France 18 NA 02-Sep-2015 €48,767 Rounded €27,000 Let Hardcore 8.750 €320,761 VACANT Cofidur ex-Ecologia 17 NA 02-Sep-2015 €54,380 Rounded €51,700 Let Hardcore 8.750 €586,829 UNICUM 07 NA 31-Dec-2021 €17,687 Rounded €14,200 Let Hardcore 8.750 €178,515 UJ MOTORS EX ACRPP 09 NA 31-Oct-2023 €0 Rounded €22,800 Let Hardcore 8.750 €255,520 SET TELECOM 03 NA 19-May-2015 €13,347 Rounded €9,800 Let Hardcore 8.750 €102,948 SERVIWARE 10 NA 31-May-2019 €120,000 Rounded €115,500 Let Hardcore 8.750 €1,322,969 SAMADOC (AUCHAN) 12 NA 31-Oct-2015 €140,329 Rounded €116,000 Let Hardcore 8.750 €1,333,035 PF CONCEPT EMI TERTIAIRE 14 NA 31-May-2023 €0 Rounded €52,600 Let Hardcore 8.750 €589,824 PF CONCEPT (ex-ISS ABILIS France) 13 NA 31-May-2023 €0 Rounded €26,100 Let Hardcore 8.750 €292,598 OPTENSE 19 NA 31-Oct-2018 €24,160 Rounded €23,000 Let Hardcore 8.750 €263,941 Norma 06 NA 31-Oct-2020 €30,966 Rounded €29,200 Let Hardcore 8.750 €338,273 Mediflux (exAAC GLOBE EXPRESS) 11 NA 15-Nov-2021 €23,237 Rounded €22,800 Let Hardcore 8.750 €260,174 MEDIAVEA (ex - RADIO POS) 01 NA 31-Dec-2022 €14,100 Rounded €14,100 Let Hardcore 8.750 €159,531 KAKO NEW ENERGY (exFrance Distri 21 NA 05-Jun-2020 €25,980 Rounded €22,800 Let Hardcore 8.750 €271,423 IE CONSEIL ex. OLEON 04 NA 28-Feb-2023 €36,600 Rounded €36,600 Let Hardcore 8.750 €414,103 DPC ex ISS Proprete (ex Cofidur (FD2 23 NA 31-Mar-2023 €23,000 Unrounded €22,952 Let Hardcore 8.750 €259,961 Creative network (ex IE Conseil) 02 NA 30-Jun-2020 €5,902 Rounded €5,000 Let Hardcore 8.750 €60,426 Computer Trade Service 20 NA 31-Dec-2016 €38,000 Rounded €35,000 Let Hardcore 8.750 €430,286 BONA COMPUTECH 05 NA 31-Mar-2022 €10,000 Rounded €9,500 Let Hardcore 8.750 €110,111 BIDDLE 08 NA 16-Jul-2020 €23,243 Rounded €19,400 Let Hardcore 8.750 €236,022 Total €779,570 €1,205,752 €12,937,136

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 3 Address: 1-3 rue des Coutures, ZI Torcy Sud, 77200 Torcy, France

Inspected on: 27 November 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: MON VETO SELAS

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) GLASTINT 360 01/09/15 01/09/15 34,994 FABORY 353 17/04/15 17/04/15 37,847 GARDEN 355 31/10/15 31/10/15 36,511 ARROSAGE TORCY 353 05/02/21 05/02/18 32,229 AUTOREPAR CM-CIC SERVICES / 530 31/05/14 01/06/15 51,358 SNVB (1) GMF 142 31/08/15 31/08/15 18,150 CM-CIC SERVICES / 142 30/06/15 30/06/15 21,251 SNVB (2) CM-CIC SERVICES / 285 30/06/15 30/06/15 42,503 SNVB (3) CARGLASS 355 31/12/11 01/06/15 44,388 HOMACO 362 30/06/19 30/06/16 31,633 PARIS SUD 354 31/12/15 31/12/15 33,977 AUTO BILAN Rent free of 4.5 months MON VETO 1.5 to be reimbursed 216 31/05/23 31/05/17 27,000 SELAS should the tenant leave before 31/05/2017 VACANT 216 4,023 411,841

Location : The subject property is situated in the town of Torcy in the ‘Seine et Marne’ department some 27km to the west of the central of Paris.

Torcy forms part of the ‘new town’ of Marne la Vallée and more precisely of the ‘Val Maubuée’ development program. It has approximately 21,595 inhabitants according to the last INSEE population census.

The town is bordered to the North by the Marne river, to the east by the ‘Francilienne’ road, to the West by the town of Noisiel and to the south by Lognes. The property is more specifically located in the ‘Zone Industrielle Torcy Sud’ and the surrounding area comprises mainly light industrial buildings. The industrial zone of Torcy houses 114 companies mostly in the industrial sector and around 1,600 people work in the area.

The A4 motorway, Paris-Strasbourg via Reims, is situated less than 3.6km from the subject property. The A104 (commonly known as La Francilienne) leads directly to the Roissy Charles de Gaulle airport to the north (32 km - 27 minutes). Orly airport on the other hand is 33km South West of the property and can be reached in 28 minutes.

Description : The property was constructed in 1985 and comprises two, two storey buildings.

The property has a total lettable area of 4,023 sq m with 2,442 sq m of light industrial premises and 1,581 sq m of office space.

The buildings are of a concrete structure with double glazed windows with metallic frames.

The property offers exterior parking spaces.

The buildings both have a rectangular shape and provide office and light industrial accommodation.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,442 sq m 61% Offices 1,581 sq m 39%

Total 4,023 sq m 100%

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1985 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/S property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under AK sections. inspected woodwork, exposed parts of the structure which were covered, Please see Appendix 3 to consult the unexposed or inaccessible, nor cadastral map of the subject arranged for any investigations to property. be carried out to determine whether or not any deleterious or hazardous Planning: We note that according to the Land materials or techniques have been Use Plan (POS) of the city of Torcy, used, or are present, in any part of the subject property is located in the the Property. We are unable, zoning area ZAI. therefore, to give any assurance that the Property is free from defect. We note that the current and historical use of the subject property We have considered that on the is in compliance with the allowed basis of the capital expenditure uses, as set out in the Local Plan budget retained, the property will (Plan d’Occupation des Sols). not be subject to any other renovation works over the next ten We are not aware of any issues that years with the exception of would adversely impact upon the maintenance works. value of the property.

Environmental/ We were not instructed, nor have we Visibility and Activity zone directly accessible from Contamination carried out structural surveys, tested Infrastructure: the highway. The property is highly Issues: services, made independent site visible as located at the entrance of investigations, inspected woodwork, the zone. exposed parts of the structure which were covered, unexposed or Torcy Sud area has an excellent inaccessible, nor arranged for any road and good transport network. investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold • The property is nearly 30 years old and suffers • Well located in the activity zone “ZAI”. from some structural problems despite regular • Very good road and very good transport maintenance works. network. • No capital expenditures budgeted. • Located near shopping gallery Bay 1. • The property is 5% vacant. • Located close to a well-established shopping • More than 70% of the premises currently mall Bay 2. occupied can become vacant in 2015. • The property is 95% multi let. • The property does not present any long term • Tenancy risk diversified. lease with firm period remaining. • Most recent lease contracted at ERV level.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €411,841 Total Net Rental Income: €401,272 Total gross ERV: €381,000 Total Net ERV: €377,190 Equivalent Yield: 8.30% Net Initial Yield: 9.09% WAULT 1.56 years WABO 1.07 years Market Value - Net of purchaser’s costs@ (rounded) €4,130,000 6.90% : Indicative Reinstatement Cost €3,220,000 Vacant Possession Value €3,465,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Torcy Coutures,3,ZI Torcy Sud-Rue des Coutures,TORCY,77200 File/Ref No FRA-053

Gross Valuation €4,415,390 Capital Costs €0 Net Value Before Fees €4,415,390

Less Stamp Duty @6.90% of Net Value -€284,997

Net Valuation €4,130,393 Say €4,130,000

Equivalent Yield 8.2987% True Equivalent Yield 8.7350% Initial Yield (Deemed) 9.0880% Initial Yield (Contracted) 9.0880% Reversion Yield 8.5426%

Total Contracted Rent €411,841 Total Current Rent €411,841 Total Rental Value €381,000 No. Tenants 14 Capital value per m² €1,026.60

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €411,841 €401,272 9.0880 % 9.6287 % 18-Apr-2015 €403,994 €393,425 8.9103 % 9.4295 % 20-May-2015 €308,248 €269,988 6.1147 % 6.3557 % 01-Jul-2015 €244,494 €192,873 4.3682 % 4.4901 % 01-Sep-2015 €244,144 €195,232 4.4216 % 4.5466 % 02-Sep-2015 €239,750 €190,838 4.3221 % 4.4414 % 01-Nov-2015 €233,439 €184,527 4.1792 % 4.2906 % 01-Dec-2015 €260,439 €211,527 4.7907 % 4.9376 % 01-Jan-2016 €256,762 €207,850 4.7074 % 4.8492 % 20-Feb-2016 €256,762 €235,541 5.3345 % 5.5173 % 01-Apr-2016 €256,762 €248,902 5.6371 % 5.8415 % 20-May-2016 €330,562 €322,702 7.3086 % 7.6550 % 01-Jul-2016 €383,962 €376,102 8.5180 % 8.9915 % 01-Sep-2016 €383,962 €380,152 8.6097 % 9.0937 % 01-Jul-2019 €383,229 €379,419 8.5931 % 9.0752 % 06-Feb-2021 €381,000 €377,190 8.5426 % 9.0190 %

Yields based on €4,415,390

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant ex Vedior 2 bat B 13 NA 31-Aug-2024 €0 Rounded €13,500 Vacant Hardcore 9.000 €132,023 Vacant ex ACMS 14 NA 31-Aug-2024 €0 Rounded €13,500 Vacant Hardcore 9.000 €132,023 Torcy Autorepar 04 NA 05-Feb-2021 €32,229 Rounded €30,000 Let 369 Hardcore 8.250 €370,465 SNVB 3 Bat A 08 NA 30-Jun-2015 €42,503 Rounded €35,600 Let 369 Hardcore 8.250 €393,623 SNVB 2 Bat A 07 NA 30-Jun-2015 €21,251 Rounded €17,800 Let 369 Hardcore 8.250 €196,822 SNVB 1 Bat A 05 NA 19-May-2015 €51,358 Rounded €43,500 Let 369 Hardcore 8.250 €475,575 Paris Sud Auto Bilan Bat B 11 NA 31-Dec-2015 €33,977 Rounded €30,300 Let 369 Hardcore 8.250 €367,268 Mon VETO 12 NA 31-May-2023 €27,000 Rounded €27,000 Let 369 Hardcore 8.250 €324,000 LTV Bat A 01 NA 01-Sep-2015 €34,994 Rounded €30,600 Let 369 Hardcore 8.250 €370,285 Homaco Torcy Piece Auto/AZ Ca Bat B 10 NA 30-Jun-2019 €31,633 Rounded €30,900 Let 369 Hardcore 8.250 €373,507 Garden Arrosage Bat A 03 NA 31-Oct-2015 €36,511 Rounded €30,200 Let 369 Hardcore 8.250 €367,762 GMF Assurances Bat A 06 NA 31-Aug-2015 €18,150 Rounded €17,800 Let 369 Hardcore 8.250 €213,845 Fabory Bat A 02 NA 17-Apr-2015 €37,847 Rounded €30,000 Let 369 Hardcore 8.250 €362,822 Carglass Bat B 09 NA 19-May-2015 €44,388 Rounded €30,300 Let 369 Hardcore 8.250 €335,371 Total €411,841 €381,000 €4,415,390

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: ZI du Val d’Argent 7 Rue Guy Moquet, 95100 Argenteuil

Inspected on: 10th April 2014 Valuer: Alexandre Petitpré / Alis Mita

Tenure: Co-ownership Main Tenant / Tenant CP DEMMENAGEMENT / HYGIATEH / Covenant: FREE

Tenancy Accommodation Lettable Area (sq Lease Expiry Break option Gross income Lease comments m) € pa (€/sq m/pa) CP DEMENAGEMENT 1,272 sq m 31/08/2020 31/08/2017 €63,400 Monthly payment. HYGIATEH 1,453 sq m 30/11/2018 30/11/2015 €71,622 FREE 1,356 sq m 05/08/2016 05/08/2016 €69,395 TOTAL 4,081 sq m €204,417

Location : The subject property is located in the north west of the Ile-de-France region, in the Department of Val d’Oise (95), in the city of Argenteuil. Argenteuil is the most important city of the Val d’Oise department. The town has a population of 104,300 (INSEE 2011) and is located circa 15 km west of Paris.

The subject property is located in the industrial zone “ZI du Val d’Argent”, to the west of the city, between the D392 and D48 motorways.

This park was developed in the 1980’s and 1990’s and is a quite important tertiary area which includes warehouse, light industrial, commercial and office buildings. This zone comprises large companies as well as medium and small ones.

The property is more precisely located at 7, Rue Guy Moquet. Its immediate surrounding is predominantly of mixed use buildings (warehousing and light industrial).

The zone benefits from good road access with the D392 and D48 motorways which are located in close proximity to the subject property.

Argenteuil is connected to the Paris Saint-Lazare train line, with the Argenteuil and Val d'Argenteuil train station located in the city.

Description : The property is a light industrial / office building constructed in 1982.

The complex is of a rectangular shape and comprises a ground and one upper floor. The building is of a concrete frame construction, with brick clad façades and aluminium framed double glazed windows.

The property currently comprises three units with a total lettable area of 4,081 sq m.

Services and amenities

The light industrial premises have a floor to ceiling height of approximately 7m. One of the units also benefits from a loading dock.

The office accommodation offers flexible partitioning. It also benefits from natural light from the front and rear elevations and offers standard fixtures and fittings: ° Linoleum on the floors; ° Painted walls, demountable partitioning; ° Suspended ceilings with recessed lighting or painted ceilings.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 3,470 sq m 85% Offices 611 sq m 15% Total 4 081 sq m

Should this information prove to be incorrect, we reserve the right to update our valuation accordingly.

The property is complemented by 68 external parking places.

Physical Considerations: Other Considerations: Year built: 1982 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2009 / 2011/ 2012 property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under sections CM 93 for inspected woodwork, exposed parts a total site area of 10,950 sq m. of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 which arranged for any investigations to contains the cadastral map of the be carried out to determine whether subject property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the town used, or are present, in any part of planning (PLU), approved the 15th the Property. We are unable, September 2007 and lastly revised therefore, to give any assurance that the 12th December 2012, the the Property is free from defect. subject property is located in the zone UE. Please also note that the We have considered that on the town planning is under modification basis of the capital expenditure process. budget retained, the property will not be subject to any other We note that the current and renovation works over the next ten historical use of the subject property years with the exception of is in compliance with the allowed maintenance works. uses, as set out in the town planning (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure in the center of Contamination carried out structural surveys, tested Infrastructure: the industrial area “ZI du Val Issues: services, made independent site d’Argent”. investigations, inspected woodwork, exposed parts of the structure which The property has a convenient road were covered, unexposed or and transport network. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Property fully let; • Competition resulting in a lower ERV; • Good office ratio (15% of the total surface • The property dates back to the ‘80; area); • Co-ownership tenure. • Good location in the centre of the industrial zone “ZI du Val d’Argent”; • Good road access and public transportation network.

Competition Adjacent Uses

• Located in the main light industrial area of • Light industrial premises Argenteuil. • Light industrial business park • Main competition is located in ZI du Val • Warehouse premises d’Argent in the surrounding.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions 2-4 RUE GUY MOQUET 95100 ARGENTEUIL Owner-occupier sale transaction

Area: 1474,4 sq m Réf 54350 Net Price : 570€ / sq m 1 Tenant : BIOBJECT Photo

Landlord : SNC QUATTROPORTE State of repair : Adequate state of repair Transaction date: 06/06/2012 12 BOULEVARD DES MARTYRS DE CHATEAUBRIANT 95100 ARGENTEUIL Area: 2350 sq m Rent : 62 €/sq m / pa excluding taxes and charges Réf 56227 2 Tenant : PROMAT'S INTERNATIONAL Photo Landlord : SNC ARGENTEUIL CHATEAUBRIANT State of repair : Adequate state of repair Transaction date: 14/09/2012

PARC - 12-14 RUE JEAN POULMARCH 95100 ARGENTEUIL Subject property Area: 460 sq m Rent : 65 €/sq m / pa excluding taxes and charges Réf 59974 3 Tenant : ESATECH Photo Landlord : N/C State of repair : Refurbished Transaction date: 01/06/2013

14 RUE AMBROISE CROIZAT 95100 ARGENTEUIL Area: 1209 sq m Rent : 41 €/sq m / pa excluding taxes and charges Réf 61588 4 Tenant : FIRSTAND Photo Landlord : N/C State of repair : Adequate state of repair Transaction date: 04/10/2013 PARC DU VAL D'ARGENT - 10-12 RUE AMBROISE CROIZAT 95100 ARGENTEUIL

Area: 1147 sq m Réf 61671 Rent : 67 €/sq m / pa excluding taxes and charges 5 Tenant : FIRST DISTRIBUTION Photo

Landlord : HI FRANCE 5 State of repair : Adequate state of repair Transaction date: 21/10/2013 RUE JEAN GRANDEL 95100 ARGENTEUIL Owner-occupier sale transaction

Area: 2100 sq m Réf 65303 Net Price : 523€ / sq m 6 Tenant : NINA BAZAR PANTIN Photo

Landlord : IMPIMERIE DESSEAUX ET FILS State of repair : Adequate state of repair Transaction date: 14/07/2014

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions PARC DU VAL D'ARGENT - 10-12 RUE AMBROISE CROIZAT 95100 ARGENTEUIL

Area: 1261 sq m Réf 66084 Rent : 51€/sq m excluding taxes and charges 7 Tenant : SIGNA FRANCE CONFECTION Photo

Landlord : HI FRANCE 5 State of repair : Adequate state of repair Transaction date: 18/09/2014 18 RUE JULES VERCRUYSSE 95100 ARGENTEUIL Area: 662 sq m Rent : 80 €/sq m / pa excluding taxes and charges Réf 66436 8 Tenant : CLEMENTINI Photo Landlord : N/C

State of repair : Refurbished Transaction date: 02/10/2014

Subject property

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €100,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €204,417 Total Net Rental Income: €202,458 Total gross ERV: €195,900 Total Net ERV: €193,941 Equivalent Yield: 9.13% Net Initial Yield: 9.88% WAULT 1.72 WABO 0.92 Market Value - Net of purchaser’s costs@ (rounded) €1,915,000 6.90% : Indicative Reinstatement Cost €2,560,000 Vacant Possession Value €1,430,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Argenteuil,7,rue Guy Moquet,ZI du Val d'Argent,Argenteuil,95100 File/Ref No FRA-002

Gross Valuation €2,147,358 Capital Costs -€100,000 Net Value Before Fees €2,047,358

Less Stamp Duty @6.90% of Net Value -€132,149

Net Valuation €1,915,208 Say €1,915,000

Equivalent Yield 9.1302% True Equivalent Yield 9.6819% Initial Yield (Deemed) 9.8887% Initial Yield (Contracted) 9.8887% Reversion Yield 9.4727%

Total Contracted Rent €204,417 Total Current Rent €204,417 Total Rental Value €195,900 No. Tenants 3 Capital value per m² €469.25

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €204,417 €202,458 9.8887 % 10.5315 % 01-Dec-2018 €202,495 €200,536 9.7949 % 10.4252 % 06-Aug-2019 €198,200 €196,241 9.5851 % 10.1880 % 01-Sep-2020 €134,800 €132,841 6.4884 % 6.7603 % 01-Dec-2020 €195,900 €193,941 9.4727 % 10.0613 %

Yields based on €2,047,357

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Hygiatec (ex PROTIS) NA 30-Nov-2018 €71,622 Rounded €69,700 Small caps Hardcore 9.250 €752,171 Free (ex IMAP / RM D) NA 05-Aug-2019 €69,395 Rounded €65,100 Free Hardcore 8.900 €740,025 CP Déménagement (Lyreco) NA 31-Aug-2020 €63,400 Rounded €61,100 Small caps Hardcore 9.250 €655,161 Total €204,417 €195,900 €2,147,358

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 73-75 boulevard de Courcerin – 77185 Lognes, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant: SOMAINTEL

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) The tenant served HUBER 385 31/12/14 31/12/14 30,401 notice to vacate the 31/12/2014 EUROP' 385 20/12/15 20/12/15 36,721 TELECOM LOUIS C 385 30/09/20 30/09/17 28,039 SEGO 385 31/08/21 31/08/15 26,947 INTERNATIONAL CPCI 385 30/09/20 30/09/17 28,580 MUSEO 385 31/07/22 31/07/16 27,000 MUSEO 385 31/07/22 31/07/16 27,000 SOMAINTEL 455 31/12/21 31/12/15 34,000 VACANT 385 3,535 238,688

Location : The subject property is located in the eastern part of the Ile-de-France Region, in the Department of Seine et Marne, in the city of Lognes. The town has a population of 14,281 (INSEE 1999) and is located approximately 25km east of Paris.

Lognes is a medium sized economic area which includes three main tertiary sectors: the “ZA Mandinet”, the “ZA Segrais” and the “ZA Pariest” zones.

The property is located in the “ZA Pariest” area which is situated in the south of the city, between the A4 highway, the national road 104 and the Lognes – Emerainville airfield. This park, developed in the 1980s and 1990s, is an important tertiary area which includes warehouse, light industrial, commercial and office buildings. This area comprises large companies as well as medium and small businesses.

The immediate surroundings are predominantly of mixed use, comprising businesses specialising in various sectors such as warehouse and storage activities (STEF), the transport sector (DHL) and information technology. There are also hotels and restaurants (Pizza Hut) in the area.

This area benefits from excellent road access with the A4 highway and the national road 104 (the “Francilienne”) nearby. Charles de Gaulle airport is located approximately 38km north of Lognes. Lognes is connected on the RER A line, at the “Lognes Le Mandinet” train station.

Description : The property forms part of a small light industrial park, the “Parc de Courcerin”, and was built in 1987.

This complex includes 18 similar units with 9 units (Units A1 – A9) situated on one side of the plot of land and 9 units (Units B1 – B9) on the other. An external car park is shared in the central part of the site.

The property comprises 9 of these units (Units A1, A2, A3, A4, A5, B6, B7, B8 and B9) with a total lettable area of 3,535 sq m, with 2,567 sq m of light industrial space and 968 sq m of office accommodation.

Each unit is rectangular, with a steel roof, concrete frame construction with aluminium frame double glazed windows. Each one comprises a ground floor and mezzanine.

Each unit has a rectangular single storage cell equipped with a single loading bay and a single panel entrance door to the front facade. This storage area comprises an eaves height of around 4 metres. It is not equipped with an air-conditioning system.

There is secondary access on ground floor to the rear elevation, a lavatory and a single stairway leading to the mezzanine. The mezzanine accommodates a rectangular open space and a lavatory.

The office accommodation benefits from natural light and offers standard fixtures and fittings:

‹ Carpeted floors. ‹ Painted walls. ‹ Suspended ceilings with recessed lighting or painted ceilings.

The premises are heated by electric individual convectors.

The property presents a state of use. An external car park, comprising 32 spaces, is shared in front of the units.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2,567 sq m 73% Offices 968 sq m 27%

Total 3,535 sq m 100%

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1987 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/C property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under AJ 73 section for a inspected woodwork, exposed parts total area of 7,912 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the used, or are present, in any part of Urban Plan certificate (PLU), the Property. We are unable, approved the 14 May 2007 and therefore, to give any assurance that lastly revised the 17 December the Property is free from defect. 2012 the subject property is located in the zone UPE. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan Local d’Urbanisme). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from both La Francilienne Issues: services, made independent site and the A4 motorway. investigations, inspected woodwork, exposed parts of the structure which The property has an excellent road were covered, unexposed or access. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held freehold. • The property is more than 30 years old and can • Well located in the activity zone “ZI Paris Est”. suffer from some structural problems despite • Very good road access. regular maintenance works. • The property is 89% multi let. • No capital expenditures budgeted. • Tenancy risk diversified. • The property is 11% vacant. • Recent leases have been agreed at ERV level. • Huber served notice to vacate the 31 December 2014. The property will then be 22% vacant. • The property does not offer any long term lease with firm period remaining.

Competition Adjacent Uses Main competition is located in the following zones: • Light industrial properties. • RER A railway serving Paris. • PA Pariest, partly formed by Lognes, Croissy • Lognes Airport. Beaubourg and Emerainville, was created in • 1977 and is 393 ha large. As of 31 Restaurants. • December 2011, the zone comprised 464 The neighbourhood is also significantly companies and 10,353 employees. represented by residential accommodations. • Decathlon shopping store. • PA du Mandinet located in Lognes, was • Hotel accommodation. created in 1977 and is 24.5 ha large. As of 31 December 2011, the zone comprised 125 companies and 1,768 employees.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €238,688 Total Net Rental Income: €226,365 Total gross ERV: €247,900 Total Net ERV: €245,421 Equivalent Yield: 9.20% Net Initial Yield: 8.61% WAULT 4.98 years WABO 1.38 years Market Value - Net of purchaser’s costs@ (rounded) €2,460,000 6.90% : Indicative Reinstatement Cost €2,760,000 Vacant Possession Value €1,930,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Lognes Courcerin,73-75,Boulevard du Courcerin,Lognes,77185 File/Ref No FRA-033

Gross Valuation €2,629,842 Capital Costs €0 Net Value Before Fees €2,629,842

Less Stamp Duty @6.90% of Net Value -€169,747

Net Valuation €2,460,095 Say €2,460,000

Equivalent Yield 9.1980% True Equivalent Yield 9.7430% Initial Yield (Deemed) 8.6075% Initial Yield (Contracted) 8.6075% Reversion Yield 9.3322%

Total Contracted Rent €238,688 Total Current Rent €238,688 Total Rental Value €247,900 No. Tenants 9 Capital value per m² €695.90

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €238,688 €226,365 8.6075 % 9.0913 % 31-Dec-2014 €208,287 €186,119 7.0772 % 7.4017 % 01-Sep-2015 €208,287 €191,914 7.2975 % 7.6429 % 01-Oct-2015 €208,287 €197,708 7.5179 % 7.8848 % 01-Dec-2015 €235,287 €224,708 8.5445 % 9.0211 % 21-Dec-2015 €225,566 €214,987 8.1749 % 8.6103 % 01-Jan-2016 €252,566 €241,987 9.2016 % 9.7561 % 01-Sep-2016 €252,566 €246,037 9.3556 % 9.9293 % 01-Oct-2016 €252,566 €250,087 9.5096 % 10.1028 % 01-Oct-2020 €250,986 €248,507 9.4495 % 10.0351 % 01-Nov-2020 €249,947 €247,468 9.4100 % 9.9906 % 01-Sep-2021 €250,000 €247,521 9.4120 % 9.9928 % 01-Jan-2022 €247,900 €245,421 9.3322 % 9.9029 %

Yields based on €2,629,842

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant ex DOAPARK Lot A3 NA 31-Aug-2024 €0 Rounded €27,000 Vacant Hardcore 10.000 €232,535 Somaintel (exELECTROM B9) NA 31-Dec-2021 €34,000 Rounded €31,900 Let Hardcore 9.000 €361,561 SEGO INTERNATIONAL NA 31-Aug-2021 €26,947 Rounded €27,000 Let Hardcore 9.000 €296,740 Museo (exELECTROM B8) NA 31-Jul-2022 €27,000 Rounded €27,000 Let Hardcore 9.000 €297,000 Museo (B7) NA 31-Jul-2022 €27,000 Rounded €27,000 Let Hardcore 9.000 €297,000 LOUIS C NA 31-Oct-2020 €28,039 Rounded €27,000 Let Hardcore 9.000 €301,611 HUBER (ex VD SYTELEC) NA 31-Dec-2017 €30,401 Rounded €27,000 Vacant Hardcore 10.000 €233,073 EUROP' TELECOM (EX 3AI) NA 20-Dec-2015 €36,721 Rounded €27,000 Let Hardcore 9.000 €306,385 CPCI (ex I.B.E) NA 30-Sep-2020 €28,580 Rounded €27,000 Let Hardcore 9.000 €303,936 Total €238,688 €247,900 €2,629,842

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 24 bis Rue du Pré des Aulnes, 77200 Pontault Combault, France

Inspected on: 9 October 2013 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) AMENAGEMENT 323 21/11/19 21/11/16 26,604 RENOVATION DESMAREST 388 12/01/21 12/01/18 27,561 AD3 461 14/11/19 14/11/16 33,921 GARAGE 468 31/05/14 01/06/15 38,037 INTERNATIONAL HORS LIMIT 337 31/05/20 31/05/17 25,232 MYRRA 389 31/12/14 31/12/14 30,446 Short term lease ACLIMA 389 30/09/22 30/09/16 27,233 GEOPTIC 368 04/03/21 04/03/18 26,141 DALKIA 250 22/12/22 22/12/16 18,750 REAUBAT 250 30/06/21 30/06/15 20,012 Rent free period of 3 months GC COATINGS 389 05/10/23 05/10/17 26,000 Step rent of €26,000 for Year 1 VACANT 394 4,912 299,937

Location : The subject property is located in the eastern part of the Ile-de-France region, in the Department of Seine et Marne, in the city of Pontault Combault. This town, which has 34,303 inhabitants (INSEE 2005), is located approximately 30km from eastern Paris.

Pontault Combault is a medium-sized economic area which comprises two main industrial and tertiary zones: the “ZA Croix Saint Claude” and the “Parc de Pontillault”.

Description : The property is located in a small light industrial park, built in 1990.

This complex includes 13 similar units with 5 units (Units A1 – A5) located on the left hand side of the plot of land and 8 units (Units B1 – B8) built on the right hand side.

The property has a total lettable area of 4,912 sq. m with 4,359 sq. m of light industrial space and 553 sq. m of office accommodation.

Each unit is rectangular with a terrace and a steel roof. The buildings are of concrete frame construction with aluminium framed double glazed windows. The building comprises a ground floor mezzanine level.

To the front of each unit there is a rectangular storage area equipped with a single loading bay. This storage area comprises a floor-to-ceiling height of around 5 metres. It is not equipped with an air-conditioning system.

There is also an office entrance to the front of the building on the ground floor. A single glass panel door opens onto the office space, a lavatory and a single stairway which leads to the first level. This mezzanine accommodates a small office area.

The office accommodation benefits from natural light and offers standard fixtures and fittings:

‹ Linoleum on floors. ‹ Painted walls. ‹ Suspended ceilings with recessed lighting or painted ceilings.

The premises are heated by individual electric convectors.

In our valuation, we have assumed that all the units are in good condition.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 4,359 sq m 89% Offices 553 sq m 11%

Total 4,912 sq m 100%

The property is complemented by 101 parking places.

Should this information prove to be incorrect, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 1990 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/S property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under B2163 and B2167 inspected woodwork, exposed parts sections for a total site area of of the structure which were covered, 10,463 sq m. unexposed or inaccessible, nor arranged for any investigations to Please see Appendix 3 for the be carried out to determine whether cadastral map of the subject or not any deleterious or hazardous property. materials or techniques have been used, or are present, in any part of Planning: We note that according to the the Property. We are unable, Urban Plan certificate (PLU), therefore, to give any assurance that approved the 21 September 2011 the Property is free from defect. the subject property is located in the zoning area UXc. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan d’Occupation des Sols). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible as located at the junction Issues: services, made independent site with the N104 (La Francilienne). investigations, inspected woodwork, exposed parts of the structure which The property has very good road were covered, unexposed or accesses. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held freehold. • The property is nearly 30 years old and suffers • Well located in the activity zone “ZAC du Pré from some structural problems despite regular des Aulnes”. maintenance works. • Very good road and very good transport • No capital expenditures budgeted. network. • The property is 8% vacant. • The property is 92% multi let. • The property does not present any long term • Tenancy risk diversified. lease with firm period remaining. • The most recently agreed tenancies have been let on ERV levels (the difference being less than 5%)

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €312,727 Total Net Rental Income: €300,001 Total gross ERV: €343,900 Total Net ERV: €340,461 Equivalent Yield: 9.64% Net Initial Yield: 8.64% WAULT 4.94 years WABO 1.83 years Market Value - Net of purchaser’s costs@ (rounded) €3,250,000 6.90% : Indicative Reinstatement Cost €3,250,000 Vacant Possession Value €2,580,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Pontault Combault (Multi-let),24,Rue des Pré des Aulnes,Pontault Combault,77340 File/Ref No FRA-040

Gross Valuation €3,473,354 Capital Costs €0 Net Value Before Fees €3,473,354

Less Stamp Duty @6.90% of Net Value -€224,192

Net Valuation €3,249,162 Say €3,250,000

Equivalent Yield 9.6440% True Equivalent Yield 10.2429% Initial Yield (Deemed) 8.6372% Initial Yield (Contracted) 8.6372% Reversion Yield 9.8021%

Total Contracted Rent €312,727 Total Current Rent €312,727 Total Rental Value €343,900 No. Tenants 13 Capital value per m² €661.64

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €312,727 €300,001 8.6372 % 9.1244 % 06-Jan-2015 €338,727 €326,001 9.3858 % 9.9633 % 07-Jan-2015 €308,281 €286,387 8.2452 % 8.6883 % 20-May-2015 €270,244 €237,319 6.8326 % 7.1346 % 06-Oct-2015 €271,444 €238,519 6.8671 % 7.1723 % 07-Oct-2015 €271,444 €243,608 7.0136 % 7.3322 % 01-Dec-2015 €271,444 €248,754 7.1618 % 7.4942 % 07-Jan-2016 €298,644 €275,954 7.9449 % 8.3556 % 20-Feb-2016 €298,644 €282,065 8.1208 % 8.5503 % 01-Mar-2016 €326,244 €309,665 8.9154 % 9.4353 % 20-May-2016 €359,044 €342,465 9.8598 % 10.4987 % 07-Oct-2016 €359,044 €346,545 9.9772 % 10.6319 % 01-Dec-2016 €359,044 €350,685 10.0964 % 10.7672 % 20-Feb-2017 €359,044 €355,605 10.2381 % 10.9283 % 01-Jan-2019 €355,654 €352,215 10.1405 % 10.8173 % 15-Nov-2019 €354,033 €350,594 10.0938 % 10.7642 % 22-Nov-2019 €350,029 €346,590 9.9785 % 10.6333 % 01-Jun-2020 €348,397 €344,958 9.9316 % 10.5800 %

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

13-Jan-2021 €348,036 €344,597 9.9212 % 10.5682 % 05-Mar-2021 €347,695 €344,256 9.9113 % 10.5571 % 01-Jul-2021 €345,183 €341,744 9.8390 % 10.4752 % 01-Oct-2022 €345,150 €341,711 9.8381 % 10.4741 % 23-Dec-2022 €343,900 €340,461 9.8021 % 10.4333 %

Yields based on €3,473,354

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold VACANT AT CARS & BUS (considered 13 NA 30-Nov-2024 €0 Rounded €27,600 Vacant Hardcore 10.500 €217,592 REAUBAT 10 NA 30-Jun-2021 €20,012 Rounded €17,500 Let Hardcore 9.500 €194,262 MYRRA (ex-M Decor (SECHET DISTR 06 NA 06-Jan-2015 €30,446 Rounded €27,200 Vacant Hardcore 10.500 €222,763 MYRRA 12 NA 31-Dec-2018 €38,790 Rounded €35,400 Let Hardcore 9.500 €379,955 Hors Limite (ex SRD TRANSLOG) 05 NA 31-May-2020 €25,232 Rounded €23,600 Let Hardcore 9.500 €252,687 GEOPTIC (ex-M. DECOR) 08 NA 04-Mar-2021 €26,141 Rounded €25,800 Let Hardcore 9.500 €270,419 GC COATINGS EX MYRRA EX A.D. C 11 NA 05-Oct-2023 €0 Rounded €27,200 Let Hardcore 9.500 €280,118 GARAGE INTERNATIONAL 04 NA 19-May-2015 €38,037 Rounded €32,800 Let Hardcore 9.500 €304,055 Dalkia 09 NA 22-Dec-2022 €18,750 Rounded €17,500 Let Hardcore 9.500 €189,195 DEMAREST (EX BL MOTO) 02 NA 12-Jan-2021 €27,561 Rounded €27,200 Let Hardcore 9.500 €285,071 AMENAGEMENT RENOVATION (ex L 01 NA 21-Nov-2019 €26,604 Rounded €22,600 Let Hardcore 9.500 €250,827 AD3 (exMIF) 03 NA 14-Nov-2019 €33,921 Rounded €32,300 Let Hardcore 9.500 €342,780 ACLIMA (exEDG+) 07 NA 30-Sep-2022 €27,233 Rounded €27,200 Let Hardcore 9.500 €283,629 Total €312,727 €343,900 €3,473,354

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 3

Address: Parc d’Activités Technologique - ZAC Leonard de Vinci, Rue de la plaine à Migne 91090 Lisses

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Tenant / Tenant Covenant: GUTENBERG ON LINE

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break Gross income Lease comments option € pa (€/sq m/pa) GUTENBERG Annual indexation at 5,120 sq m 30/11/16 30/11/16 €452, 848 ON LINE 2.5%. TOTAL 5,120 sq m €452, 848

Location : The subject property is located in Lisses, to the south of Paris, in the department of “Essonnes”, approximately 36 km from Paris. The A6 highway is located approximately 5 km from the subject property.

Lisses is one of four towns in the conglomeration of Evry-Ville-Nouvelle (73,000 inhabitants), which is 30 km from Paris (Porte d’ Orléans).

To the south-west of the agglomeration of Evry, in the town of Lisses, the scientific park Léonard de Vinci operates over 110 ha. This park accommodates offices, laboratories, research and development centres. It is located in a great rural environment on the edge of a wooded area and benefits from a low density (COS of about 0, 35 according to the programming). The immediate environment consists of offices and light industrial assets.

Road access: - 20 minutes from South Paris by the highway A6; - the road “Francilienne” is located in close proximity to the property.

Public transportation: - Bus: n° 405 and 415 operate close to the property; - The train station of Evry-Courcouronnes (line RER D) is reachable by bus within 10 minutes. This train connects with Paris within 30 minutes.

Description : The site is entirely fenced and comprises a green area, one building and 86 exterior car parking places.

The subject property is constructed over ground and one upper floor. The ground floor is light industrial and the first floor contains office accommodation.

The building has a reinforced concrete frame with the office having a glass façade and concrete panel with painted coating. The windows are aluminum double-glazed. The building has a fire alarm and a mechanical ventilation system.

Common areas and sanitary • Lights: halogen spotlights • Tiled floor • Staircase: Steel frame with tiled floor and railing

Light industrial • 2 loading bays at ground level: These loading bays are equipped with electronic dock levelers and vinyl dock shelters. • Delivery wide truck access • Floor Loading : 5 tons per sq.m (Slab Concrete floor with granulated minerals) • Floor-to-ceiling height: 7 meters for standard light industrial • Breeze block firewall • Gas forced-air heater with planning thermostat • Lighting by fluorescent lamps 2 * 50 w length suspended from the skeleton

Offices • Suspended ceilings • Fluorescent recessed lighting low luminance ( 50 lux) • Concrete walls and pillars • Carpet tiles • Reversible air conditioning • Electric convector with manual electronics thermostats

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 3 452 sq m 62% Offices 2 079 sq m 38% Total 5 531 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation accordingly.

Physical Considerations: Other Considerations: Year built: 2007 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2010 / 2011/ 2012 property to determine the planning status of the property. Technical We have not carried out building issues : surveys, tested services, made We note that the subject property is independent site investigations, registered under section BB 39 for a inspected woodwork, exposed parts total area of 14,481 sq m. of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: Planning permissions (Permis de used, or are present, in any part of Construire) n° 9134005C1030, the Property. We are unable, granted by the Lisses city hall to therefore, to give any assurance that Gefec (Groupe Marignan) dated the Property is free from defect. 23rd January 2006.

We have considered that on the We note that according to the town basis of the capital expenditure planning (PLU), approved the 17th budget retained, the property will December 2013, the subject not be subject to any other property is located in the zone Ui. renovation works over the next ten years with the exception of We note that the current and maintenance works. historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a very good state Mandatory In the frame of our study, we have of repair and benefits from a 10 verifications: been informed of any mandatory year guarantee. verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and Very good visibility in the heart of Contamination carried out structural surveys, tested Infrastructure: the science park “Leonard de Issues: services, made independent site Vinci3. investigations, inspected woodwork, exposed parts of the structure which The property benefits from good were covered, unexposed or road access via the A6 highway. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

∑ The property is not, or likely to be, affected by land contamination and that there are no abnormal ground conditions, nor archaeological remains, nor hazardous nor deleterious materials present which might adversely affect the present or future occupation, development or value of any of the properties, and; ∑ The property is free from rot, infestation, structural or design defect, and; No high alumina cement nor other currently known prohibited or suspect materials or techniques have been used in the construction of, or subsequent alterations or additions to, any of the properties.

Property Strengths Property Weaknesses

• Fully single let with an excellent tenant • Poor public access network; covenant ; • Competition from the ZI du Bois Chaland. • Freehold tenure; • Recent building; • The building benefits from the 10 year guarantee; • Good office ratio (25%); • Location in an established light industrial area.

Competition Adjacent Uses

• No direct competition in the ZI. All the • Industrial building are turnkey-scheme and occupied. • Light industrial • Competition in ZI du Bos Chaland. • Land • Land available in the surrounding. • Hotel and restaurant.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €100,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €452,849 Total Net Rental Income: €448,944 Total gross ERV: €390,500 Total Net ERV: €386,595 Equivalent Yield: 8.75% Net Initial Yield: 10.13% WAULT 2.00 WABO 2.00 Market Value - Net of purchaser’s costs@ (rounded) €4,140,000 6.90% : Indicative Reinstatement Cost €5,860,000 Vacant Possession Value €3,015,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Lisses 1 - (Leonard de Vinci),Rue de la plaine à Migne,PA technologique ZAC Léonard,Lisses,91090 File/Ref No FRA-028

Gross Valuation €4,528,084 Capital Costs -€100,000 Net Value Before Fees €4,428,084

Less Stamp Duty @6.90% of Net Value -€285,816

Net Valuation €4,142,268 Say €4,140,000

Equivalent Yield 8.7500% True Equivalent Yield 9.2624% Initial Yield (Deemed) 10.1386% Initial Yield (Contracted) 10.1386% Reversion Yield 8.7305%

Total Contracted Rent €452,849 Total Current Rent €452,849 Total Rental Value €390,500 No. Tenants 1 Capital value per m² €808.59

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €452,849 €448,944 10.1386 % 10.8151 % 01-Dec-2016 €390,500 €386,595 8.7305 % 9.2285 %

Yields based on €4,428,084

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Gutemberg on line Lot A lot B NA 30-Nov-2016 €452,849 Rounded €390,500 Private Hardcore 8.750 €4,528,084 Total €452,849 €390,500 €4,528,084

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 11-13 Rue des Hautes Pâtures, 92000 Nanterre

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Main Tenant / Tenant METRO / OPTEOR Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break option Gross income Lease comments € pa (€/sq m/pa) Indexation based on OPTEOR 914 sq m 31/03/22 31/03/2016 €131,408 the French index ILAT. LVMH 331 sq m 30/04/15 30/04/2015 €38,179 (GIVENCHY) 2 months of rent free XEIKON 270 sq m 31/10/22 31/10/2016 €44,000 period from 01/11 to 31/12/16. Parking rent included MISE A JOUR 422 sq m 31/12/16 31/12/2016 €55,235 (€2,000). Annual Indexation fixed METRO 2,742 sq m 31/05/20 31/05/2020 €445,635 at 3%. VACANT 665 sq m TOTAL 5,344 sq m €714,459

Location : The subject property is located to the North West of Paris, in the Department of Hauts de Seine (92), in the city of Nanterre. This town is located circa 10 kilometers North West of Paris and has circa 89,500 inhabitants (INSEE 2011).

The subject property is located in the industrial zone “ZAC des Hautes Pâtures”, located at the North of the city, just next to the A86 highway.

This park was developed between the 1980s and 90s. Being an important tertiary area, It is composed of warehouses, light industrial, commercial and office buildings. This zone comprises large companies as well as medium and small ones

The property is more precisely located at 11/13, Rue des Hautes Pâtures. Its immediate surrounding is composed of mixed use buildings (office and light industrial).

This zone benefits from excellent road access with the A86 highway and D392, reachable in the immediate surroundings of the subject property.

Regarding the public transport accessibility, Nanterre is connected to the RER A line (Nanterre Université station), and several bus lines across the commune.

Description : The property is composed of 2 distinct light industrial / office buildings (A and B), both built in 1990.

Presenting a rectangular shape, both of the buildings comprise a ground floor and one upper floor. The building consists of a terraced roof, concrete frame construction, with curtain walls façades and aluminum frame double glazed windows.

Building A yields some 2,602 sq m of lettable area. Building B yields some 2,742 sq m of lettable area. The property is complemented by 94 external parking places located in front of the property.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 2 638 sq m 49% Offices 2 706 sq m 51% Total 5 344 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1990 Cadastral We have identified the land references: cadastral references of the subject Refurbished: N/C property to determine the planning status of the property. Technical In Q4 2014, a technical due issues : diligence was commissioned to We note that the subject property is identify any technical issue. We registered under section L 84 for a have not been provided with the total area of 4,589 sq m. conclusion of this technical due diligence and reserve the right to Please see Appendix 3 to consult the amend the valuation report in cadastral map of the subject accordance accordingly. property.

We have considered that on the Planning: We note that according to the town basis of the capital expenditure planning (PLU), approved the 21st budget retained, the property will October 2003 and lastly revised the not be subject to any other 15th February 2005, the subject renovation works over the next ten property is located in the zone UFc. years with the exception of maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The property is in a good state of Mandatory In the frame of our study, we have repair. verifications: been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property benefits from a good Contamination carried out structural surveys, tested Infrastructure: exposure in the heart of the Issues: services, made independent site industrial zone “ZAC des Hautes investigations, inspected woodwork, Pâtures”. exposed parts of the structure which were covered, unexposed or It also benefits from a good public inaccessible, nor arranged for any transportation network and road investigation to be carried out to access. determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Freehold tenure; • Vacancy rate of 12%; • Air conditioning in the offices premises; • The public transport is at a little walk from the • Offices have flexible partitioning; subject property; • Good tenant covenants (LVMH, METRO); • Competition from the surrounding properties. • Location in an established and dynamic light industrial market; • Excellent location close to Paris.

Competition Adjacent Uses

• SILIC Park a business park near the property. • Light industrial premises • ZI des Hautes Pâtures in Nanterre for second • Business park with high ratio of office premises hand premises light industrial. • Parcel services • No direct competition for the premises as • Office premises used by Metro.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

ECO RIVER PARC - 30 RUE DES PEUPLIERS 92000 NANTERRE Area : 255 sq m Rent : 183 €/sq m pa excluding taxes and charges Réf 67138 1 Tenant : HORUS SECURITE Photo Landlord : GAMBLIN DEMENAGEMENTS State of repair: New Transaction date: 26/11/2014 Subject property NAUTILE 3 - RUE DES HAUTES PATURES 92000 NANTERRE Area : 771 sq m Rent : 144 €/sq m pa excluding taxes and charges Réf 66266 2 Tenant : SEPTAM Photo Landlord : N/C State of repair: Good state of repair Transaction date: 30/09/2014

29-31 RUE DES PEUPLIERS 92000 NANTERRE Area : 226,5 sq m Rent : 102€/sq m pa excluding taxes and charges Réf 67161 3 Tenant : TECHNOLOGIES NOUVELLES Photo Landlord : BNP PARIBAS REAL ESTATE INVESTMENT MANAGEMENT State of repair: Adequate state of repair Transaction date: 04/09/2014

12 RUE DES PEUPLIERS 92000 NANTERRE Area : 1578 sq m Rent : 110€/sq m pa excluding taxes and charges Réf 65041 4 Tenant : DPS MARKET Photo Landlord : AMEX PARTNERS State of repair: Adequate state of repair Transaction date: 29/04/2014 CHALLENGE 92 - 85-105 AVENUE FRANCOIS ARAGO 92000 NANTERRE Area : 614 sq m

Rent : 180 €/sq m pa excluding taxes and charges Réf 63938 Tenant : CSO 5 Landlord : SOCIETE EUROPEENNE DE LOCATION D'IMMEUBLES Photo

COMMERCIAUX ET INDUSTRIELS (SELICOMI) State of repair: Good state of repair Transaction date: 15/03/2014 18-22 RUE D'ARRAS 92000 NANTERRE Area : 212 sq m Rent : 150 €/sq m pa excluding taxes and charges Réf 61391 6 Tenant : EURECLA Photo Landlord : SCI AURORE 2020 State of repair: Good state of repair Transaction date: 04/10/2013

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK Sélection de transactions

85 RUE DES HAUTES PATURES 92000 NANTERRE Area : 1329 sq m Rent : 135 €/sq m pa excluding taxes and charges Réf 59970 7 Tenant : SATELEC Photo Landlord : N/C State of repair: Adequate state of repair Transaction date: 28/06/2013 Subject property COLISEE DEFENSE - 50-64 AVENUE FRANCOIS ARAGO 92000 NANTERRE Area : 993,5 sq m Rent : 190 €/sq m pa excluding taxes and charges Réf 55327 8 Tenant : ADYAL FACILITIES - SOGETIMA Photo Landlord : BNP PARIBAS REAL ESTATE INVESTMENT MANAGEMENT State of repair: Good state of repair Transaction date: 01/06/2012

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 1% of ERV to begin at the date of valuation Total Gross Rental Income €714,460 Total Net Rental Income: €679,942 Total gross ERV: €749,200 Total Net ERV: €741,708 Equivalent Yield: 8.08% Net Initial Yield: 7.39% WAULT 5.45 WABO 3.97 Market Value - Net of purchaser’s costs@ (rounded) €8,610,000 6.90% : Indicative Reinstatement Cost €5,250,000 Vacant Possession Value €6,600,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Nanterre,11/13,rue des Hautes Pâtures,ZI des Hautes Pâtures,Nanterre,92000 File/Ref No FRA-034

Gross Valuation €9,206,283 Capital Costs €0 Net Value Before Fees €9,206,283

Less Stamp Duty @6.90% of Net Value -€594,232

Net Valuation €8,612,051 Say €8,610,000

Equivalent Yield 8.0857% True Equivalent Yield 8.5122% Initial Yield (Deemed) 7.3856% Initial Yield (Contracted) 7.3856% Reversion Yield 8.0565%

Total Contracted Rent €714,460 Total Current Rent €714,460 Total Rental Value €749,200 No. Tenants 6 Capital value per m² €1,611.15

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €714,460 €679,942 7.3856 % 7.7396 % 01-May-2015 €676,280 €641,762 6.9709 % 7.2855 % 01-Jun-2015 €676,280 €655,543 7.1206 % 7.4491 % 01-Aug-2015 €709,380 €688,643 7.4801 % 7.8434 % 01-Dec-2015 €797,680 €776,943 8.4393 % 8.9039 % 01-Jun-2016 €797,680 €790,188 8.5831 % 9.0641 % 01-Nov-2016 €753,680 €746,188 8.1052 % 8.5330 % 01-Jan-2017 €742,444 €734,952 7.9832 % 8.3979 % 01-Apr-2017 €786,644 €779,152 8.4633 % 8.9306 % 01-Jun-2020 €341,008 €333,516 3.6227 % 3.7062 % 01-Jul-2020 €748,808 €741,316 8.0523 % 8.4744 % 01-Apr-2022 €749,700 €742,208 8.0620 % 8.4852 % 01-Nov-2022 €749,200 €741,708 8.0565 % 8.4792 %

Yields based on €9,206,283

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Xeikon g NA 31-Oct-2022 €44,000 Rounded €43,500 Group 1 Hardcore 8.500 €503,467 Vacant (ex PUNCH GRAPHIX) c NA 31-May-2024 €0 Rounded €88,300 Vacant Hardcore 9.250 €839,984 OPTEOR a NA 31-Mar-2022 €131,408 Rounded €132,300 Group 1 Hardcore 8.500 €1,536,181 MISE A JOUR f NA 31-Dec-2016 €55,236 Rounded €44,200 Group 1 Hardcore 8.500 €526,236 METRO e NA 31-May-2020 €445,636 Rounded €407,800 Metro 6 to 3 Hardcore 7.650 €5,420,499 GIVENCHY b NA 30-Apr-2015 €38,180 Rounded €33,100 Private Hardcore 8.500 €379,916 Total €714,460 €749,200 €9,206,283

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 4 Rue Bernard Palissy, 78440 Gargenville

Inspection: 27th November Valuer: Alexandre Petitpré / Alis Mita 2014

Tenure: Freehold Tenant / Tenant Covenant: ND G3

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Break Gross income Lease comments option € pa (€/sq m/pa) Annual indexation of ND G3 12,205 sq m 31/07/22 31/07/16 €524,858 maximum 3%. VACANT 12,395 sq m TOTAL 24,600 sq m €524,858

Location : The property is located in the ‘ZI des Garennes’ industrial area, between the town of Gargenville (6,600 inhabitants) and the River Seine, around 48 km West of central Paris, via the A-13 motorway. It is a secondary logistic location because of its isolated nature, distance from Paris and the fact that the A-13 and the western Paris region generally lack demand from logistic occupiers.

The surrounding area appears to have been constructed mostly between the 1980s- 1990s and comprises small industrial sheds occupied by manufacturers of mechanised doors and gates and auto-repair firms. It is an isolated industrial area with an absence of other logistic activity. Major economic drivers in the surrounding area include an EDF hydrocarbon power station and the ‘Renault Flins’ car plant.

The property is in an isolated location without the benefit of frontage onto a major road. The area is not an established logistics area but there are some other logistic occupiers in the area, including Mesnet, Buffa Alain and CIE Transports.

The property benefits from good access to the A-13 motorway and the A-14 toll motorway, both of which link the property to Paris. The A-13 road leads towards the

cities of Le Havre (180,000 inhabitants) and Caen (110,000 inhabitants) in Normandy region in the North of France.

The main access road to the property (Avenue Bernard Palissy) is somewhat narrow and unsuited for two-way traffic of large vehicles.

In terms of public transportation, the property is a few minutes’ walk from the Gargenville train station, which links Gargenville to Paris and other nearby towns. Description : The Property is an industrial warehouse building constructed in 1999, with an area of 24,600 sq m on a site of 48,336 sq m. The building is a single warehouse split into 4 units, comprising storage and ancillary office accommodation.

The warehouse is of concrete walls and structure with a steel façade and roof. It has an eaves height of around 10m and benefits from 34 loading docks, 20 at the front and 14 at the rear.

The site is fenced with a sliding gate entrance and asphalted area of suitable width for the passage and manoeuvre of HGVs. Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 23 270 sq m 95% Offices 1 330 sq m 5% Total 24 600 sq m

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1999 Cadastral We have identified the land references: cadastral references of the subject Refurbished: 2012 / 2013 property to determine the planning status of the property. Technical In Q4 2014, a technical due issues : diligence was commissioned to We note that the subject property is identify any technical issue. We registered under section AD 0126 have not been provided with the for a total area of 48,336sq m. conclusion of this technical due diligence and reserve the right to Please see Appendix 3 to consult the amend the valuation report in cadastral map of the subject accordance accordingly. property.

We have considered that based on We note that according to the town the capital expenditure budget Planning: planning (PLU), approved in retained, the property will not be December 2013, the subject subject to any other renovation property is located in the zone UHR. works over the next ten years with the exception of maintenance works. We note that the current and historical use of the subject property is in compliance with the allowed uses, as set out in the Local Plan (Plan Local d’Urbanisme).

We are not aware of any issues that would adversely impact upon the value of the property.

Condition: The building is in a good state of Mandatory In the frame of our study, we have repair. verifications: not been informed of any mandatory verification considering the subject property.

Environmental/ We were not instructed, nor have Visibility and The subject property is located in a Contamination we carried out structural surveys, Infrastructure: secondary industrial zone in terms of Issues: tested services, made visibility. independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• Property held in freehold; • Secondary location; • Fully let; • Short firm lease term; • Good office ratio; • The construction is aging ; • Flexibility of the premises; • Limited occupier and investment demand in the • Good road access close to the highway A13; current market for logistic property. • Location near the train station.

Competition Adjacent Uses

• No direct competition in the surroundings • Industrial premises • Competition in Epône and Rosny-sur-Seine. • Residential • Land

• Sewage Plant • Rail network.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Sélection de transactions

19 ALLEE ANDRE AMPERE 78710 ROSNY SUR SEINE Area : 5119 sq m Rent : 48 €/sq m/pa excluding taxes and charges Réf 53583 1 Tenant : CUC Photo Landlord : GOODMAN ROSNY FRANCE State of repair: New Transaction date: 01/02/2012

107 CHEMIN DU PATIS 78680 EPONE Area : 2400 sq m Rent : 49 €/sq m/pa excluding taxes and charges Réf 55594 2 Tenant : SARL BOUVE Photo Landlord : N/C State of repair: Adequate state of repair Transaction date: 31/07/2012 33 BOULEVARD RENARD BENOIT 78680 EPONE Owner-occupier sale transaction

Area : 1483 sq m Réf 59771 Net Price : 337 €/sqm 3 Tenant : ASTERI Photo Subject property Landlord : SCI LEPONE State of repair: Adequate state of repair Transaction date: 03/12/2012

CBRE | 04/12/2014 | Document non contractuel CB Richard Ellis operates as CB Hillier Parker in the UK

Investment Comparable Evidences

Market Valuation and comments as at 1st December 2014 (all rents in € per annum): Capex: €0 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV to begin at the date of valuation Total Gross Rental Income €524,858 Total Net Rental Income: €290,125 Total gross ERV: €984,000 Total Net ERV: €964,320 Equivalent Yield: 9.96% Net Initial Yield: 3.24% WAULT 0.36 WABO 0.17 Market Value - Net of purchaser’s costs@ (rounded) €8,423,000 6.90% : Indicative Reinstatement Cost €12,230,000 Vacant Possession Value €6,160,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Gargenville ,4,av Bernard Palissy,Gargenville,78440 File/Ref No FRA-058

Gross Valuation €8,944,773 Capital Costs €0 Net Value Before Fees €8,944,773

Less Stamp Duty @6.20% of Net Value -€522,200

Net Valuation €8,422,573 Say €8,423,000

Equivalent Yield 9.9699% True Equivalent Yield 10.5711% Initial Yield (Deemed) 3.2435% Initial Yield (Contracted) 3.2435% Reversion Yield 10.7808%

Total Contracted Rent €524,858 Total Current Rent €524,858 Total Rental Value €984,000 No. Tenants 2 Capital value per m² €342.40

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €524,858 €290,125 3.2435 % 3.3103 % 01-Dec-2015 €524,858 €430,808 4.8163 % 4.9649 % 01-Jun-2016 €1,020,658 €926,608 10.3592 % 11.0663 % 01-Dec-2016 €1,020,658 €1,000,978 11.1906 % 12.0194 % 01-Aug-2022 €984,000 €964,320 10.7808 % 11.5483 %

Yields based on €8,944,773

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Vacant NA 30-Nov-2024 €0 Unrounded €495,800 Vacant Hardcore 10.500 €3,715,160 ND G3 (MGF LOGISTIQUE) NA 31-Jul-2022 €524,858 Unrounded €488,200 MGF Hardcore 9.500 €5,229,613 Total €524,858 €984,000 €8,944,773

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 17 Boulevard de Beaubourg – 77183 Croissy Beaubourg, France

Inspected on: 27 Novembre 2014 Valuer: Franck Truong

Tenure: Freehold Tenant / Tenant Covenant:

Tenancy Accommodation Lettable Area (sq m) Lease Lease Break Gross income Lease comments Expiry option € pa (€/sq m/pa) NORBERT 5,391 31/03/22 31/03/16 241,948 Fix indexation at 2% DENTRESSANGLE BOULANGER 3,808 30/11/22 30/11/19 220,000 Fix indexation at 3% 9,199 461,948

Location : The property is located in an industrial estate (Z.I. Paris Est) between Croissy-Beaubourg (pop. 2,000) and Emerainville (pop. 7,300) around 25 km east of central Paris, via the A-4 motorway.

The area was developed during the 1980s-1990s and mainly comprises warehouses of similar quality construction, used for transport and logistics. Surrounding occupiers include DHL, SSDT Transport Logistique and EDF.

The property has frontage onto the N-104 motorway (La Francilienne), the outer ring-road around Paris and is located opposite the ‘Aerodrome de Lognes-Emerainville’, an airfield used for small private aircraft.

The property benefits from very good access to both the N-104 ring-road around Paris and the A4 (Autoroute de l’Est) motorway, which is the main motorway between Paris, Eastern France and Europe.

In terms of public transport there is a bus stop a short walk from the property on Boulevard de Beaubourg (Line 421). The nearest RER urban rail station is Lognes (RER A) around 4 km away.

Description : The Property is a 1980s industrial warehouse building of 9,199 sq m, on a rectangular-shaped site of 32,641 sq m. The building is a single warehouse split into 2 units, comprising storage and ancillary office accommodation.

Unit 1 is the southern portion of the warehouse with frontage onto the N-104 motorway, let to Boulanger. It is used for the storage, repair and redistribution of home appliances (mainly white goods).

Unit 2 is the northern portion of the warehouse, let to Norbert Dentressangle. It is used as a logistics warehouse for distribution of business suits.

The warehouse is of concrete walls and structure with a corrugated steel façade and roof. In general the condition is representative of a property of its age.

The quality of the warehousing is generally better in the part occupied by Norbert Dentressangle, offering higher ceilings and larger more flexible areas of space.

The free height in the warehouses generally appears to range between 4.5m and 7.5m.

Accommodation

For the purpose of our valuation, we have relied upon the lettable areas mentioned in the tenancy schedule provided by M7 Real Estate:

Use Lettable area % Light Industrial 7,306 sq m 79% Offices 1,893 sq m 21%

Total 9,199 sq m 100%

The property is complemented by 90 parking places.

Should we be provided with a table area performed by a measurement surveyor, we reserve the right to update our valuation study accordingly.

Physical Considerations: Other Considerations: Year built: 1980’s Cadastral We have identified the land references: cadastral references of the subject Refurbished: Roof and façade refurbished in property to determine the planning 2014 status of the property.

Technical We have not carried out building We note that the subject property is issues : surveys, tested services, made registered under AD 162, AD 164 independent site investigations, and AD 166 section for a total area inspected woodwork, exposed parts of 32,641 sq m of the structure which were covered, unexposed or inaccessible, nor Please see Appendix 3 to consult the arranged for any investigations to cadastral map of the subject be carried out to determine whether property. or not any deleterious or hazardous materials or techniques have been Planning: We note that according to the used, or are present, in any part of Urban Plan certificate (PLU), the Property. We are unable, approved the 31 May 2005 and therefore, to give any assurance that lastly revised the 31 January 2012 the Property is free from defect. the subject property is located in the zone UX-PEa. We have considered that on the basis of the capital expenditure We note that the current and budget retained, the property will historical use of the subject property not be subject to any other is in compliance with the allowed renovation works over the next ten uses, as set out in the Local Plan years with the exception of (Plan Local d’Urbanisme). maintenance works. We are not aware of any issues that would adversely impact upon the value of the property.

Environmental/ We were not instructed, nor have we Visibility and Very good exposure and highly Contamination carried out structural surveys, tested Infrastructure: visible from both La Francilienne Issues: services, made independent site and the A4 motorway. investigations, inspected woodwork, exposed parts of the structure which The property has an excellent road were covered, unexposed or access. inaccessible, nor arranged for any investigation to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used or are present in any part of the properties. We are unable, therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses • Property held in freehold. • The property is more than 30 years old and can • Well located in the activity zone “ZI Paris Est”. suffer from some structural problems despite • Very good road access. regular maintenance works. • The property is 100% multi let. • Capital expenditures of €220,000 have been • Boulanger contracted a 6/9 year lease with 4 budgeted. years remaining. • The property does not present any long term • Last leases have been contracted at ERV level. lease with firm period remaining.

Market Commentary

Please see refer to the market commentary in section 4.

Rental and Investment Evidence

We provide below a list of rental and owner occupier transactions occurred in the surroundings of the subject property.

We also provide our list of investment comparable transactions used in our valuation.

Market Commentary

Investment Comparables Evidences

Market Valuation and comments as at 31 December 2014 (all rents in € per annum): Capex: €220,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 3% of ERV to begin at the date of valuation. Total Gross Rental Income €461,948 Total Net Rental Income: €448,494 Total gross ERV: €448,476 Total Net ERV: €435,022 Equivalent Yield: 8.63% Net Initial Yield: 9.16% WAULT 7.65 years WABO 3.08 years Market Value - Net of purchaser’s costs@ (rounded) €4,579,000 6.90% : Indicative Reinstatement Cost €5,640,000 Vacant Possession Value €3,285,000

Appendix 1: Photographs

Appendix 2: Cadastral Plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address CROISSY-BEAUBOURG Bd Bbourg,17,Croissy Beaubourg File/Ref No FRA-059

Gross Valuation €5,114,690 Capital Costs -€220,000 Net Value Before Fees €4,894,690

Less Stamp Duty @6.90% of Net Value -€315,934

Net Valuation €4,578,756 Say €4,579,000

Equivalent Yield 8.6302% True Equivalent Yield 9.1219% Initial Yield (Deemed) 9.1629% Initial Yield (Contracted) 9.1629% Reversion Yield 8.8876%

Total Contracted Rent €461,948 Total Current Rent €461,948 Total Rental Value €448,476 No. Tenants 2 Capital value per m² €497.77

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €461,948 €448,494 9.1629 % 9.7126 % 01-Apr-2022 €457,204 €443,750 9.0659 % 9.6039 % 01-Dec-2022 €448,476 €435,022 8.8876 % 9.4041 %

Yields based on €4,894,690

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Norbert Dentressangle NA 31-Mar-2022 €241,948 Unrounded €237,204 Norbert 369 Hardcore 8.750 €2,654,485 Boulanger Freres NA 30-Nov-2022 €220,000 Unrounded €211,272 Boulanger 3 to 6 Hardcore 8.500 €2,460,205 Total €461,948 €448,476 €5,114,690

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: 80 rue des Frères Bonnet, FRANCE

Gregory Grey-Johnson Inspected on: 11 September 2013 Valuer:

Tenure: Freehold Tenant / Tenant Covenant: Single tenant Tenesol/ local automotive supplier

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m/mth) Industrial 9,765.8 30/06/2017 NA 424,776 3/6/9 lease

Location : The property is located in an industrial and retail area covering the eastern section of Villefranche sur Saône. More specifically, it is located in the Zone Industrial et Portuaire Nord Est that stretches along the D306 road. Its immediate environment is composed of industrial buildings and retail big boxes.

Description : The property is a 9,765.8 sq m GIA light industrial and storage facility of rectangular shape. The light industrial/storage area benefits from a clearance of approximately 7.5 m and is composed of three cells: - Cell 1 is a storage space fitted with 10 loading bays - Cell 2 is a storage/LI space also hosting the office block in the front of the building - Cell 3 is a storage/LI space fitted with three industrial grade drive in doors

The rear of the building is fitted with a loading platform running the whole length of building. It enables access to the rail line and benefits from 5 doors. The office block is integrated in cell 2 and is distributed over two levels. The first level houses communal spaces such as a lunch room and lockers as well as a washroom facility. The second level hosts meeting and office spaces. The three cells are serviced by a parking lot and a manoeuvring ring (approx. 25 m deep). Truck and car parking space is arranged along the border of the property.

Physical Considerations: Other Considerations: Year built: NA Planning: We have based our valuation upon the uses mentioned in the dataroom Refurbished: NA provided to us by our clients.

Technical We have not carried out building We have assumed that these uses issues : surveys, tested services, made are in conformity with the property independent site investigations, planning permission. inspected woodwork, exposed parts of the structure which were covered, However, we have not been unexposed or inaccessible, nor provided with any documents arranged for any investigations to relating to planning permission be carried out to determine whether Due to its activities, the property has or not any deleterious or hazardous obtained licenses from the DRIRE materials or techniques have been (now Dreal) authority registered as used, or are present, in any part of ICPE 2662, 1530, 2925, 1510. We the Property. We are unable, have assumed that these are still in therefore, to give any assurance that order and that the property abides the Property is free from defect. by the current legislation.

We have considered that on the We reserve the right to alter our basis of the capital expenditure valuation and report should any budget retained, the property will information come to light that would not be subject to any other adversely affect the value of the renovation works over the next ten subject property. years with the exception of maintenance works. The property is located in an area regulated by the guidelines of the “ZAC à usage et portuaire de Villefranche Nord Est”. It must be noted that a new town planning document (PLU) is currently being drafted and should establish new guidelines for the area. Based on a certificate delivered on May 3 2006, the property is located in a PERI (Perimeter Liable to Flooding) area, in an area liable to lead exposure and in a level 1 noise pollution perimeter.

Condition: Based on our 2013 inspection, the Mandatory In the frame of our study, we have property appears in an appropriate verifications: been informed of any mandatory state of repair verification considering the subject property.

Environmental/ We were not instructed, nor have we Visibility and The property is located in the Contamination carried out structural surveys, tested Infrastructure: industrial and retail park of eastern Issues: services, made independent site Villefranche sur Saône investigations, inspected woodwork, The property is conveniently exposed parts of the structure which accessible from the A6 highway. were covered, unexposed or Local access roads are however inaccessible, nor arranged for any congested at rush hour due to the investigation to be carried out to traffic generated by the retail area. determine whether or not any deleterious or hazardous materials The property is located on a side or techniques have been used or road branching off the main D306 are present in any part of the strip. It therefore does not benefit properties. We are unable, from a good visibility. therefore, to give any assurance that the property is free from defect.

Accordingly in the absence of any information to the contrary, we have assumed that:

Property Strengths Property Weaknesses

• The property is in an appropriate state of • The property is a grade B warehouse repair • In case of vacancy, marketing would be very • The property is fully let to a single tenant challenging • Freehold • No long term security on income Competition Adjacent Uses • Competition from second hand storage buildings in the area of Villefranche. • LI and retail units stretch along the D306 road Competition is however limited due to the size of the property

Additional Comments

• We have set an allowance of 2% of ERV for the provision of Article 606 on all structural works starting upon the lease first term.

Market Commentary

Greater Lyon

Take up

In a year, take-up of industrial premises and warehouses below 5,000 sq m fell by 9% and the average size of transactions also shrank, to 1,068 sq m. Meanwhile, take-up for the segment above 5,000 sq m rose by 53%. Logistics companies and consignors have continued to pursue their relocation and concentration strategies in an attempt to keep costs under control. Rents for new premises peaked at €85.

Supply

In Greater Lyon immediate supply of industrial space and warehouses above 5,000 sq m totalled 627,400 sq m and in units below 5,000 sq m it equalled 347,000 sq m. In total, available supply posted a 5% fall in the first half accompanied by a drop in the share of new/redeveloped premises, especially for warehouses above 5,000 sq m (share of new 4%). Most available supply is in the Outer Rim and especially in East Lyon.

Rental Evidence (extended perimeter)

Market Valuation and comments as at December 1, 2014 (all rents in € per annum): Capex: €630,000 Management etc: €0 Landlord’s Non Recoverable and Repair Allowance 2% of ERV Total Gross Rental Income 424,776 Total Net Rental Income: 395,465 Total gross ERV: 341,810 Total Net ERV: 334,974 Equivalent Yield: 9.25% Net Initial Yield: 14.65% WAULT 2.75 years WABO 2.75 years Market Value - Net of purchaser’s costs@ (rounded) €2,525,000 6.90% : Indicative Reinstatement Cost €5,200,000 Vacant Possession Value €1,931,000 12 months of void, 6 months’ rent free EY: 10% VPV Assumptions NRC on void: 15€/sqm Letting fees: 15% of ERV

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Villefranche/Saône,Rue des Frère Bonnet,Villefranche sur Saône,69400 File/Ref No FRA-062

Gross Valuation €3,328,890 Capital Costs -€630,000 Net Value Before Fees €2,698,890

Less Stamp Duty @6.90% of Net Value -€174,203

Net Valuation €2,524,686 Say €2,525,000

Equivalent Yield 9.2500% True Equivalent Yield 9.7792% Initial Yield (Deemed) 14.6529% Initial Yield (Contracted) 14.6529% Reversion Yield 12.4115%

Total Contracted Rent €424,776 Total Current Rent €424,776 Total Rental Value €341,810 No. Tenants 1 Capital value per m² €258.55

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €424,776 €395,465 14.6529 % 16.0998 % 01-Jul-2017 €0 -€204,598 -7.5808 % -7.9541 % 01-Apr-2018 €0 -€58,108 -2.1530 % -2.1823 % 01-Jul-2018 €0 -€6,836 -0.2533 % -0.2537 % 01-Oct-2018 €341,810 €334,974 12.4115 % 13.4375 %

Yields based on €2,698,889

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Tenesol NA 30-Jun-2017 €424,776 Unrounded €341,810 Let Hardcore 9.250 €3,328,890 Total €424,776 €341,810 €3,328,890

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Robert-Bosch-Strasse 8, 73660 Urbach, Germany

Inspected on: 26 November 2014 Valuer: Katharina Walser

Tenure: Freehold equivalent Tenant / Tenant Covenant: Coca Cola Erfrischungsgetränke AG / good covenant (5A 2)

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m/mth) The tenant has 387,965 Office/warehouse 8,490 28/02/2015 n/a terminated the lease and (3.81) will vacate the property.

Location : The subject property is located in Urbach, a municipality in the district of Rems-Murr in Baden- Wuerttemberg‚ Germany. It has a population of approximately 8,700 (411,000 inhabitants in the whole district). The mineral water producer Urbacher Mineralwasser, owned by Coca-Cola- Erfrischungsgetränke GmbH, is very important for the economy of the town. Urbach is located approximately 30 km east of Stuttgart, the Baden-Wuerttemberg state capital, in southern Germany. Stuttgart is the sixth-largest city in Germany and has a population of approximately 613,400. Urbach has rather poor transport connections but is located close to the Stuttgart conurbation. The town centre and the property are linked to the B29, a four-lane- main road, which connects Stuttgart and Aalen, at the Urbach junction. The town benefits from a Regional-Express railway station. This railway track also connects Stuttgart and Aalen, providing regular train services to the national network, the fastest journey time being approximately 35 minutes to Stuttgart central station. Stuttgart airport is around 40 km south-west of the subject property

The property is situated on the western edge of the town centre, on the southern side of the B29. It is bordered by Otto-Hahn-Strasse to the south. The surrounding area is a commercial area, with a mixture of uses including local retailers, light industrial properties as well as offices and the Coca-Cola production facility to the south.

Other tenants in this commercial area include Schock Metallwerk GmbH, the world-renowned specialist for ball bearing slides; and ZF Friedrichshafen AG, a leading worldwide supplier of driveline and chassis technology.

Description : The property comprises a two-storey office building, attached to a single-storey warehouse building, constructed in 1990. The building has a steel-framed structure with corrugated steel cladding and aluminium-framed, double-glazed windows. The subject property comprises 8,490 sq m lettable area, primarily warehouse space (c. 6,690 sq m), complemented by office space (c. 1,800 sq m). Additionally there are around 3,049 sq m of outside areas that are currently part of the lease with the current tenant. The property is currently let to Coca Cola AG as workshop/storage space with office adjacent office units.

The office accommodation, which is located on two storeys in the west wing of the building, included small offices as well as open plan space. The specification of the office section of the building includes suspended ceilings with recessed lighting, double glazed windows, gas-fired heating, a fire alarm and solid concrete floors with carpeting.

The warehouse is essentially a single storey building but parts of the building are on two levels with a mezzanine floor. The maximum eaves height is 8.25 m. The property can be used very flexibly. Former uses include a fitness/sport centre and a go-cart track. The floor space is rectangular, with a grid of columns on the floor plate. The building has five loading ramps, of which four are located on the front façade. One loading ramp is located on the back façade, but currently it is not used. One of them is lowered to ground level but there is no basement. The accommodation is generally open plan with good natural lighting. The specification of the warehouse section includes industrial floor screed, two goods lifts, two cranes (10 t), an automatic ventilation system, suspended lamps and a fire alarm. The property has emergency exits providing direct access to the rear. The on-site parking includes sufficient car parking spaces, with a good car parking ratio. It is not possible to drive around the property. The property is surrounded by a fence and is under video surveillance, the property is accessed via two gates. Outside areas are not only used for parking but also for storage purposes. The property appears to be in a good condition but, according to information provided during our inspection, the entire roof has been refurbished in 2013/2014. Adjacent to the subject property is open land, which is used for agricultural purposes.

The site

The plot is 11,528 sq m and is almost rectangular in shape. The site borders Robert-Bosch- Straße in the south. North of the property runs the B29 federal road. The perimeter is entirely fenced. Access to the subject property is via two gates on the southern property limit.

The parking area is located on the southern part of the site.

Accommodation

For the purposes of our valuation, we have relied upon floor areas stated in the rent roll provided by the client. The property has a total net floor space of 8,490 sq m.

Physical Considerations: Other Considerations: Year built: 1990 Planning: For our valuation we obtained planning information by the local Refurbished: 2013-2014(roof) authorities as stated below. Technical We have not been provided with a issues : structural due diligence report. The B-Plan (development plan) No. 37 “Industriegebiet Froschäcker” We were provided with a Capex came into force in 1991. According budget for structural works by M7 to the B-Plan, the site is designated Real Estate Germany GmbH. Capex as an industrial area (GI). The have been allocated to this property has a cubic density (BMZ) valuation, amounting to €20,000. of 9.0 and maximum site coverage This is mainly related to the of 80% (GRZ 0.8). provision of a new energy certificate. We note that the current use of the subject property is in compliance CBRE has not undertaken a with the planning stipulations. structural survey, nor tested the services. We have not been supplied We are not aware of any issues that with a survey report prepared by any would adversely impact upon the other firm. We have only undertaken value of the property. a limited inspection for valuation purposes. Condition: During our inspection the building Mandatory n/a appeared to be in a good state of verifications: repair in line with its construction date.

Environmental/ We were not provided with an Visibility and Very good visibility from the B29, Contamination extract from the register of potential Infrastructure: north of the property. Issues: contaminated sites. The property has rather poor road We are not aware of any vacant or and transport access. derelict properties in the neighbourhood of the subject property.

For the purposes of our valuation we have therefore assumed that the property is not contaminated.

We reserve the right to amend our valuation should any of these assumptions prove to be wrong.

Property Strengths Property Weaknesses

• Very good visibility from the B29 federal road • Very short WALT of 3 months, the tenant will • The property provides flexible office and vacate the property at the end of February 2015 warehouse space • The location of the subject property is not an • Sufficient on-site parking. established area for logistics or industrial • Property is in a good condition companies therefore re-letting might be difficult • Urbach suffers from poor accessibility therefore we expect only local and regional demand • The reletting potential of the subject property is limited

Competition Adjacent Uses

• Urbach is not an established and rather small • To the south, the closest building is the commercial location. In the surroundings of neighbouring Coca-Cola production facility for the subject property are some production and mineral water. industrial properties. Due to the limited • The neighbouring buildings to the east are a demand and supply of commercial areas in warehouse and service centre of ZF the city the level of competition in Urbach can Friedrichshafen Ag (one of the largest German be described as low. automotive supplier) and a production property of the company Schock Metallwerk GmbH (globally company in the field of ball bearing slides and special profiles)

Additional Comments

Lease Initial Renewal Lease start date 01.03.1999 n/a Lease type n/a 0.25 years WALT Notice period 6 months 6 months

Annual rent 306,775 EUR 387,965 EUR

Indexation VPI VPI Taxes & running costs Tenant Tenant Replacement & maintenance of Landlord Landlord heavy technical equipment

Comments Coca Cola has terminated the lease and will vacate the property in February 2015.

• Detailed financial investigations of the tenant are outside the scope of this report. However, we have reviewed a Dun & Bradstreet report of the tenant company. It gives the company a rating of 5A 2, which represents a lower than average risk of business failure and strong financial performance.

Market Commentary

There is very limited rental and investment evidence available in the market on single assets of similar use and location to the subject property. The schedule of evidence provided is representative of those transactions known to have occurred within a relevant time frame and with comparability to the subject property. Please note that the German real estate market is not transparent in many aspects and as such, our information is gained from interactions with local market professionals including agents, developers, tenants and owners and conclusions represent our professional opinion based on the best available information. We have, therefore, also referred to investment transactions on a national level.

Rental Evidence

• Konrad-Hornschuh-Str. 67, 73660 Urbach: the comparable is an outdated warehouse unit with a lettable area of 370 sq m, located 1.6 km south-east of the subject property. The unit is currently on offer for 3 EUR per sq m per month. • 73614 Schorndorf: the comparable is production building with a lettbale area of 2,141 sq m and an internal height of 6.5 m. It is located in Schorndorf around 3 km west of Urbach. The property is currently on offer for 4 EUR per sq m per month.

Investment Evidence

• Warehouse property located in Grevenbroich, around 20 km south-west of Düsseldorf. The comparable is a warehouse property with 29,500 sq m lettable area, constructed in 2001/2003. The complex is located in an established commercial area in close proximity to a motorway slip road. At the transaction date the property had a vacancy rate of 28% and a remaining lease term of around 3 years. It was sold in the third quarter of 2013 for a purchase price of about 19 mio EUR, which represents a gross multiplier on current rental income of around 16.4 times the current rental income.

• Warehouse property located in Herrenberg, around 35 km south-west of Stuttgart. The comparable is a warehouse property with around 13,200 sq m lettable area, constructed in 1991 and refurbished in 2007. At the transaction date the property had a vacancy rate of 17% and a remaining lease term of around 0.6 years. It was sold in the first quarter of 2014 for a purchase price of about 6.5 mio EUR, which represents a gross multiplier on current rental income of around 9 times the current rental income.

Market Valuation and comments as at 1 December 2014 (all rents in EUR per annum): Capex 2015: 20,000 EUR Management etc: 1.5% of ERV Landlord’s Non Recoverable and Repair Allowance 2.5 EUR/sq m maintenance; 0.50 EUR/sq m non recs Total Gross Rental Income 387,965 EUR Total Net Rental Income: 360,843 EUR Total gross ERV: 393,155 EUR Total Net ERV: 393,058 EUR Equivalent Yield: 9.0% Initial Yield: 10.9% WAULT 0.25 years WABO 0.25 years Market Value - Net of purchaser’s costs@ (rounded) 3,065,000 EUR 8.50% : Indicative Reinstatement Cost (incl. 19% VAT) 5,870,000 EUR Market Value on Special Assumption of vacant 2,385,000 EUR possession

Appendix 1: Photographs

Subject property, front view Subject property, view from parking area

Subject property, office building Main entrance

Social area Office unit

Warehouse area Production area

Parking / external storage area Loading gate

Surroundings, neighbouring Coca Cola property Surroundings

Appendix 2: Layout plan

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Urbach,8,Robert Bosch Straße,Urbach,73660 File/Ref No GER-002

Gross Valuation €3,572,637 Capital Costs -€245,634 Net Value Before Fees €3,327,003

Less Stamp Duty @5.00% of Net Value -€153,318 Agents Fee @2.00% of Net Value -€61,327 Legal Fee @1.50% of Net Value -€45,995

Net Valuation €3,066,362 Say €3,065,000

Equivalent Yield 9.0000% True Equivalent Yield 9.4662% Initial Yield (Deemed) 10.8459% Initial Yield (Contracted) 10.8459% Reversion Yield 11.0019%

Total Contracted Rent €387,965 Total Current Rent €387,965 Total Rental Value €393,155 No. Tenants 1 Capital value per m² €361.03

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €387,965 €360,843 10.8459 % 11.6230 % 01-Mar-2015 €0 -€78,060 -2.3462 % -2.3811 % 01-Jun-2016 €393,155 €366,033 11.0019 % 11.8021 %

Yields based on €3,327,003

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Coca-Cola Erfrischungs-Getränke AG NA 28-Feb-2015 €387,965 Unrounded €393,155 Private Hardcore 9.000 €3,572,637 Total €387,965 €393,155 €3,572,637

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Schwertstraße 11, 71065 Sindelfingen, Germany

Inspected on: 26 November 2014 Valuer: Katharina Walser

Tenure: Freehold equivalent Tenant / Tenant Covenant: Daimler AG, excellent covenant (5A 1)

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m/mth) Warehouse 4,852 30/09/2015 n/a 365,704 (6.28) n/a Warehouse 6,536 31/12/2015 n/a 350,887 (4.47) n/a Parking area/site n/a 31/01/2015 n/a 15,000 n/a

Location: Sindelfingen (population approx. 61,700) is a town in the German federal state of Baden- Wuerttemberg. The local economy is focused mainly around the automotive industry. The Daimler AG factory and Smart Car offices are located in Sindelfingen along with many fashion and computer firms.

Sindelfingen is located approximately 15 km south-west of Stuttgart, the Baden-Wuerttemberg state capital. Stuttgart is the sixth-largest city in Germany and has a population of approximately 604,300. The A81/A8 motorway interchange situated to the north-east of the town provides excellent road connections. Both the Sindelfingen town centre and the property are well linked to the A81 motorway via the Sindelfingen East and Sindelfingen junctions. The property is about 10 minutes drive from the motorway, via the B464 main road. The town has an S-Bahn (commuter rail) station and is also served by the commuter and regional railway stations in Böblingen, which provides regular train services to the national network. The journey time to Stuttgart central station is approximately 15 minutes. Stuttgart airport is around 15 km east of the property and can be reached within 20 minutes.

The subject property is situated to the south-east of the town centre, on the southern side of Neckarstrasse, which is one of the major roads in Sindelfingen. The property is bordered by Vogelhainweg to the east, Schwertstrasse to the south and Nüssstrasse to the west. The surrounding area comprises mainly commercial properties with a variety of uses, including local retail and light industrial. There is a residential area to the north and a hotel.

Description: The subject property comprises 2 single-storey warehouses of different construction years that are directly connected and currently accommodate a car workshop with over 70 car lifts, technical rooms, storage space, open-plan office space in the western part of the building and social rooms.

The older building, dating from approximately 1960 accommodates around 4,682 sq m divided into car repair and technical workshop space (3,806 sq m) as well as storage space (876 sq m). The building is of steel-framed construction, with rendered concrete panel cladding and aluminium-framed single glazing. In 2003 the existing warehouse building was extended by a second warehouse building, accommodating around 6,262 sq m space. This accommodates a 3,139 sq m car repair workshop space and 3,123 sq m currently used for offices, technical and social rooms as well as storage areas.

The property has somewhat restricted flexibility because of its limited ceiling height. The floor space is T-shaped, with a grid of columns on the floor plate. The smaller warehouse has 8 loading ramps, which are currently not in use. If the lease to Daimler AG is not extended, the loading ramps shall be available for an alternative use. There are two emergency exits providing direct access to the rear. Storage space is provided in the basement. There are sufficient on-site car parking spaces and a very good car parking ratio.

The accommodation is generally open plan, with good natural light from almost all elevations. We assume that the property has undergone some internal and external maintenance during the last 10 years, although the internal floor space has not been refurbished.

The specification of the office section of the building includes suspended ceilings with recessed lighting, double-glazed windows, a fire alarm, heating and solid concrete floors. The specification of the warehouse section includes an automatic ventilation system, suspended lamps and a fire alarm.

The site

The plot has a total area of 24,336 sq m and is irregular in shape. The site borders two roads, Schwertstraße in the south and Neckarstraße in the north. The property is entirely fenced. Access to the subject property is via a gate located on the western property limit.

At the rear of the building there is an area of surplus land of 6,367 sq m, directly adjoining Neckarstrasse, the motorway feeder road. This reserve land is suitable for development, although the site is sloping. It is currently accessed via Schwertstrasse, but in the case of development an access from the main road could be established. Currently the surplus land is let to Daimler AG on a short-term letting for parking.

Accommodation

For the purposes of our valuation, we have relied upon the lettable areas stated in the rent roll, which were provided with by the client.

The above areas include office and ancillary premises (technical premises, staff rooms etc).

Physical Considerations: Other Considerations: Year built: 1960 and 2003 Planning: The qualified B-Plan (development plan) No. 22/5.1 “Gewerbegebiet Refurbished: n/a Mahdental” came into force in 1991. Technical We have not been provided with a issues : structural due diligence report. According to the development plan, the site is designated as a We were provided with a Capex commercial area (GE1) and a budget for structural works by M7 special use area (Sondergebiet) in Real Estate Germany GmbH, accordance with §8 BauGB. amounting to 1,760,000 EUR. These costs include 1,100,000 EUR The development plan stipulates a for an asbestos refurbishment of the maximum plot ratio of 220% (GFZ floor. 2.2) and maximum site coverage of 80% (GRZ 0.8). This site is subject CBRE has not undertaken a to a building height limit of 16m, structural survey, nor tested the with a maximum of 4 full storeys. services. We have not been supplied with a survey report prepared by any We note that the current use of the other firm. We have only undertaken subject property is in compliance a limited inspection for valuation with the planning stipulations. purposes. We are not aware of any issues that would adversely impact upon the value of the property. Condition: The building is in an average state Mandatory n/a of repair considering its age. verifications:

Environmental/ We were not provided with an Visibility and The visibility of the subject property Contamination extract from the register of potential Infrastructure: is rather limited. Issues: contaminated sites. The property has a convenient road For the purposes of our valuation and transport network. we have therefore assumed that the property is not contaminated.

We reserve the right to amend our valuation should any of these assumptions prove to be wrong.

Property Strengths Property Weaknesses

• Property is fully let to a tenant with good • Short remaining lease term of around 0.9 years covenant • Negotiations with the current tenant to renew the • Tenant has a strong connection to this leases for another term of 10 years have not been commercial area due to the proximity to the successful so far Daimler Works in Sindelfingen • The property has restricted flexibility because of its • Good road and transport network limited ceiling height • Sufficient on-site parking • The floor of the older hall built in 1960, is • The property is well located in a commercial contaminated with asbestos and has to be area, adjoining the Sindelfingen motorway refurbished feeder road. It benefits from a good car • Parts of the property are over 40 years old and parking ratio on site. need some general maintenance works

Competition Adjacent Uses

• The neighbouring properties include various • The subject property is located in a sought commercial uses, such as transport/logistics, a after commercial area, near the Daimler plant hotel, car dealership, warehouse/production and in Sindelfingen. retail. • Currently only 5 warehouse units are on offer • The neighbouring building to the west of the in Sindelfingen on Immobilienscout24.de. property is occupied by FedEx, north of the • Due to the high demand for warehouse/ subject property is a Marriott hotel, to the east is production areas in Sindelfingen and the very a dealership/workshop for camping vans. limited supply, the competition can be assessed as low.

Additional Comments

Lease Initial Renewal Lease start date 02.07.1986 (hall 2) 01.10.2003 Lease type n/a 0.9 years WALT 12 months (hall 2) 12 months (hall 2) Notice period 9 months (hall 3) 9 months (hall 3) Annual rent 653,6433 EUR 731,591 EUR

Indexation hall 2 VPI (8BP/60%) VPI (8BP/60%) Indexation hall 3 3% every 2nd year 3% every 2nd year Taxes & running costs Tenant Tenant Replacement & maintenance of Landlord Landlord heavy technical equipment

Comments n/a

• Detailed financial investigations of the tenant are outside the scope of this report. However, we have reviewed a Dun & Bradstreet report of the tenant company. Daimler AG has a D&B rating of 5A 1, which represents a minimum risk of business failure and strong financial performance.

Market Commentary

Rental Evidence

• Neckarstr. 40, 71062 Sindelfingen: the comparable is a small and rather outdated warehouse unit with a total area of 450 sq m, located around 1 km west of the subject property. The comparable is currently on offer for 5 EUR per sq m per month. • 71065 Sindelfingen: the comparable is a warehouse with a total area of 3,000 sq m, located in Sindelfingen. It has an internal height of 3.8 m and one loading gate. The property is currently on offer for 3 EUR per sq m per month. • 71063 Sindelfingen: the comparable is a modern warehouse property built in 2006 with a total area of 5,000 sq m. It has an internal height of 7 m, 6 loading gates and is currently on offer for 4.90 EUR per sq m per month.

Investment Evidence • Warehouse property located in Herrenberg, around 35 km south-west of Stuttgart. The comparable is a warehouse property with around 13,200 sq m lettable area, constructed in 1991 and refurbished in 2007. At the transaction date the property had a vacancy rate of 17% and a remaining lease term of around 0.6 years. It was sold in the first quarter of 2014 for a purchase price of about 6.5 mio EUR, which represents a gross multiplier on current rental income of around 9 times the current rental income.

• Modern logistics warehouse erected in 2005 located in a commercial area of a mid-sized town in Bavaria. The asset is located in close proximity of a motorway slip road and shows modern overall building characteristics. As at the transaction date in Q3/2013 the asset was sold for a gross multiplier on the current rental income of 11.4. As at the transaction date the WALT was only about 2.1 year.

Market Valuation and comments as at 1 December 2014 (all rents in EUR per annum): Capex 2015-2018: 1,760,000 EUR Management etc: 1.5% of ERV Landlord’s Non Recoverable and Repair Allowance 2 EUR/sq m maintenance, 1 EUR/sq m non recs Total Gross Rental Income 731,591 EUR Total Net Rental Income: 693,894 EUR Total gross ERV: 614,952 EUR Total Net ERV: 592,592 EUR Equivalent Yield: 7.8% Initial Yield: 9.8% WAULT 0.9 years WABO 0.9 years Market Value - Net of purchaser’s costs@ (rounded) 6,560,000 EUR 8.50% : Indicative Reinstatement Cost (incl. 19% VAT) 7,610,000 EUR Market Value on Special Assumption of vacant 5,520,000 EUR possession

Appendix 1: Photographs

Subject property, front view Subject property, view from parking area

Subject property, rear view Subject property, rear view

Main entrance Parking area at the rear of the property

Warehouse area Warehouse area

Warehouse area Social area

Surroundings Surroundings

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Sindelfingen,11,Schwertstraße,Sindelfingen,71065 File/Ref No GER-004

Gross Valuation €6,833,391 Capital Costs €285,542 Net Value Before Fees €7,118,933

Less Stamp Duty @5.00% of Net Value -€328,061 Agents Fee @2.00% of Net Value -€131,225 Legal Fee @1.50% of Net Value -€98,418

Net Valuation €6,561,229 Say €6,560,000

Equivalent Yield 7.8000% True Equivalent Yield 8.1674% Initial Yield (Deemed) 9.7472% Initial Yield (Contracted) 9.7472% Reversion Yield 8.1087%

Total Contracted Rent €731,591 Total Current Rent €731,591 Total Rental Value €614,952 No. Tenants 3 Capital value per m² €575.99

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €731,591 €693,894 9.7472 % 10.3712 % 01-Feb-2015 €716,591 €678,882 9.5363 % 10.1329 % 01-Oct-2015 €350,887 €254,954 3.5814 % 3.6630 % 01-Jan-2016 €0 -€174,365 -2.4493 % -2.4873 % 01-Feb-2016 €0 -€174,353 -2.4491 % -2.4871 % 01-Oct-2016 €262,008 €145,879 2.0492 % 2.0757 % 01-Jan-2017 €614,952 €577,255 8.1087 % 8.5370 %

Yields based on €7,118,933

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Daimler AG NA 31-Jan-2015 €15,000 Unrounded €0 Private Hardcore 7.800 €2,349 Daimler AG NA 30-Sep-2015 €365,704 Unrounded €262,008 Private Hardcore 7.800 €2,954,434 Daimler AG NA 31-Dec-2015 €350,887 Unrounded €352,944 Private Hardcore 7.800 €3,876,608 Total €731,591 €614,952 €6,833,391

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Argenthaler Straße 11, 55469 Simmern, Germany

Inspected on: 27 November 2014 Valuer: Katharina Walser

Tenure: Freehold equivalent Tenant / Tenant Covenant: CompAir Drucklufttechnik GmbH, a subsidiary of Gardner Denver Germany GmbH, excellent covenant (5A 1)

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m/mth) Warehouse/ 1,224,805 21,824 30/06/2021 n/a n/a production/ office (4.68)

Location : The property is located in an industrial area in the south-east of Simmern. Simmern is the administrative centre of the Rhein-Hunsrück-Kreis (district) in the federal state of Rhineland- Palatinate, in the western part of Germany. Simmern has a population of approximately 7,600 and is located about 45 km west of the Rhine-Main-Region where Frankfurt, Darmstadt, Wiesbaden and Mainz are the major cities. Road connections are reasonable to poor. The property is located directly on the four-lane main road B50 which leads to the motorways A61 in the east and A1 in the west. The A61, nearest access 12 km, runs from south of Mannheim to the Netherlands border, to the west of Dusseldorf. The A1, about 60 km from Simmern, connects the west of Germany with the north. Frankfurt International Airport, Germany’s largest airport and one of the most important airports worldwide is about 90 km away.

20 km east of Simmern is Frankfurt-Hahn Airport. Since its opening in 1993, on a former US air base, it has been one of the fastest growing airports in Germany. Budget airlines such as Ryanair use Frankfurt-Hahn Airport as one of their most important European hubs. The main road B50, on which Simmern is located, is the main route connecting Frankfurt-Hahn Airport with the rest of Germany.

Public transport facilities in Simmern are rather limited. There are two bus lines with hourly services. There is a bus stop directly in front of the subject property. The nearest train station with regular connections to the national network is in Bacharach, on the river Rhine, about 18 km away.

Simmern has a railway station, which currently serves only as a bus station because the Boppard- to-Simmern stretch of the Hunsrückbahn (railway) has been disused and torn up, and the Bingen-to-Hermeskeil stretch of the Hunsrückquerbahn (another railway) is currently not being used. However, it is foreseen that within the next few years, the Hunsrückquerbahn will be reactivated to serve the booming Frankfurt-Hahn Airport, thus linking the airport with the Frankfurt Rhine Main Region.

Description : The subject property consists of several buildings that were constructed in different phases. All are occupied by CompAir Drucklufttechnik GmbH, subsidiary of Gardner Denver Germany GmbH. The outer area is surfaced with asphalt and concrete slabs. A large area is used as general storage. In addition there is a large area of surplus land, which is predominantly covered by trees.

There are two office buildings (administration 1 and 2). The two-storey building (administration 1), which was constructed in 1988, has a net lettable area of 920.06 sq m. The three-storey office building (administration 2), which was constructed in 1991 and extended in 1996, has a net lettable area of 2,013.15 sq m. The specification of the office buildings includes suspended ceilings, double-glazed windows, exterior sun blinds, central gas heating and solid floors. One of the buildings (administration 2) is fitted with a lift. A single-storey building of approximately 400 sq m houses maintenance workshops and the transformer and energy distribution station. It was constructed in 1961 in solid construction, with a very low-pitched roof. It has PVC-framed windows. A further building, with a butterfly roof, was constructed in two phases. One part, built in 1979, houses the workshop for apprentices and some storage space. The other part, constructed in 1984, accommodates an experimental workshop. The building is constructed as frame structure with sandwich panels. The two sections of the building are separated by a firewall. The maximum height of the building is 7.50 m and its total lettable area is 1,431.64 sq m. The second largest building on the site, the storage and dispatch hall, has a net floor space of 5,542 sq m. It is a frame structure with sandwich panels, under a pitched roof. Approximately in the middle of the building there is a firewall, separating the storage from the dispatch hall. The height of the roof is 11 m at the highest point and 8.90 m at the lowest. The eaves height is approximately 6.50 m. The distance between the supporting columns is 4.70 m. The building is heated by ceiling-mounted gas-fired radiators. The major manufacturing building, which has a net area of 9,792 sq m, was constructed in several phases. The two sections built in 1961 and 1966 have a shed roof of concrete slabs with windows. The steel stanchions are on a grid of approximately 7.90 m. The height of the half barrel roof is 9.75 m at the highest point and the height to girders is 5.90 m. Further parts of the building were added on a frame structure with sandwich panels in 1974, 1979, 1981, 1984 and 2002. These sections have a flat roof and a maximum height of 8.20 m. In 1987 a small canteen building was constructed, attached to the production hall. A crane gantry was installed in 1984. The crane gantry area was built over by a new building (assembly hall), which has been finished October 2008. This annex has a lettable area of approx. 837 sq m.

The site

The site has a total area of 127,517 sq m and is almost rectangular in shape. The site is accessed from Argenthaler Strasse to the west. To the left of the gatehouse and the access road is a large car park for employees and visitors.

Accommodation

For the purposes of our valuation, we have relied upon the lettable areas stated in the rent roll, which was provided by M7.

Unit Net Floor Area (gif) in sq m Gross Floor Area in sq m

Halls 1, 2, 3 ,4, 5 9,791.99 10,143.61 Hall 6 399.61 444.09 Halls 7+8 1,431.64 1,515.55 Halls 9+10 5,542.05 5,633.96 Administration 1 920.06 987.76 Administration 2 2,013.15 2,261.55 TOTAL excl. annex 20,098.50 20,986.52 Annex (assembly hall) 837.00 TOTAL incl. annex 21,823.52

Physical Considerations: Other Considerations: Year built: 1961-2008 Planning: According to the legally binding development plan “IX Industrie- Refurbished: n/a gebiet Bürgerstück Teil A”, the site is Technical We have not been provided with a classified as industrial zone issues : structural due diligence report. (Industriegebiet) with terraced format. The permitted site coverage We were provided with a Capex ratio is 80% (GRZ 0.8) and the budget for structural works by M7 maximum cubic index of 9.0 (BMZ). Real Estate Germany GmbH. We have reflected Capex amounting to We are not aware of any issues that 230,000 EUR, e.g. for a new would adversely impact upon the heating plant, new windows, doors value of the property. and works on the façade.

CBRE has not undertaken a structural survey, nor tested the services. We have not been supplied with a survey report prepared by any other firm. We have only undertaken a limited inspection for valuation purposes. Condition: The building is in good state of Mandatory n/a repair considering its age. Non- verifications: renovated facades are in medium or poor condition.

Environmental/ We have been provided with an Visibility and The visibility of the subject property Contamination extract of the register of Infrastructure: is rather limited as it is surrounded Issues: contaminated sites, dated 24 August by trees. 2007, stating that the subject property is not subject to any The property has a rather poor road contamination. For the purposes of and transport network. our valuation we have therefore assumed that the property is not contaminated.

We reserve the right to amend our valuation should any of these assumptions prove to be wrong.

Property Strengths Property Weaknesses

• Property is fully let • Property is highly over-rented and let to a single • Sufficient on-site parking tenant, therefore low risk diversification. • Lease contract comparable to “triple net” (FRI) • The location of the subject property is not an with a remaining lease duration of around established area for logistics companies 6.6 years. • The subject property is an aged, built-to-suit • The tenant is a secure covenant property having many different buildings of different size, fit-out, age and condition. Re-letting to a third tenant therefore might be difficult • Parts of the property are over 40 years old and need a refurbishment

Competition Adjacent Uses

• Simmern is not an established or favourable • The neighbouring buildings to the south and the commercial location. In the surroundings of north are industrial/production properties. the subject property are some production and • To the north-east, there is a small commercial industrial properties. Therefore there is no area including industrial uses and retail uses such competition in Simmern, due to the limited as a DIY market. demand and supply of commercial areas in the city.

Additional Comments

Lease Initial Renewal Lease start date 01.07.2006 n/a Lease type 15 year firm lease 6.6 years WALT Notice period n/a n/a

Annual rent 1,040,351 EUR 1,224,805 EUR

Indexation VPI VPI Taxes & running costs Tenant Tenant Replacement & maintenance of Tenant Tenant heavy technical equipment The property is let on the basis of a triple-net Comments lease, because the tenants is the former owner of the property.

• Detailed financial investigations of the tenant are outside the scope of this report. However, we have reviewed a Dun & Bradstreet report of the tenant parent company Gardner Denver Deutschland GmbH. The company has a D&B rating of 5A 1, which represents a minimum of business failure and strong financial performance.

Market Commentary

Rental Evidence

• Im Boorstück 6, 55469 Simmern: the comparable is a warehouse with a lettbale area of 1,280 sq m, located 700 m north-west of the subject property, the warehouse unit is currently on offer for 3 EUR per sq m per month. • Simmerner Str. 36, 55495 Argenthal: the comparable is a warehouse/storage unit with a lettbale area of 805 sq m, located 3.7 m east of the subject property, the unit is currently on offer for 2.50 EUR per sq m per month. • 55483 Sohren: the comparable is a modern warehouse with adjacent office units, it has a total lettable area of 8,140 sq m with an internal height of 10 m. The warehouse is currently on offer for 3 EUR per sq m per month.

Investment Evidence

• Industrial asset in a small town in Baden Wurrtemberg: This comparable is a manufacturing property consisting of various production and warehouse halls. It comprises about 21,000 sq m of warehouse space and 5,000 sq m of office space. The complex is located in an established commercial area of a rather small town in Baden Wurttemberg in close proximity to a motorway slip road. The property is occupied by an international production company with a good credit rating that was the former owner of the asset. It was sold in the second quarter of 2014 based on a 15 years triple net lease. It was transacted for a purchase price of about 10 mio EUR, which represents a gross multiplier on current rental income of around 10 times the current rental income.

Compared to the subject property it shows a considerably longer remaining lease duration, which legitimates the higher multiplier on current rental income of this transaction.

Market Valuation and comments as at 1 December 2014 (all rents in EUR per annum): Capex: 230,000 EUR Management etc: 0.5% of ERV during lease, 2% after renewal Landlord’s Non Recoverable and Repair Allowance 3 EUR/sq m maintenance, 1 EUR/sq m non recs Total Gross Rental Income 1,224,805 EUR Total Net Rental Income: 1,209,546 EUR Total gross ERV: 869,443 EUR Total Net ERV: 773,648 EUR Equivalent Yield: 10.0% Initial Yield: 12.2% WAULT 6.6 years WABO 6.6 years Market Value - Net of purchaser’s costs@ (rounded) 9,120,000 EUR 6.90%: Indicative Reinstatement Cost (incl. 19% VAT) 16,560,000 EUR Market Value on Special Assumption of vacant 4,635,000 EUR possession

Appendix 1: Photographs

Subject property, front view Administration building

Administration buildings 1+2 Warehouse buildings

Warehouse building External storage area

Warehouse area Warehouse area

Warehouse area Office area

Surroundings Surroundings

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Simmern,11,Argenthalerstrasse,Simmern,55469 File/Ref No GER-005

Gross Valuation €9,731,432 Capital Costs €164,260 Net Value Before Fees €9,895,692

Less Stamp Duty @5.00% of Net Value -€456,023 Agents Fee @2.00% of Net Value -€182,409 Legal Fee @1.50% of Net Value -€136,807

Net Valuation €9,120,454 Say €9,120,000

Equivalent Yield 10.0000% True Equivalent Yield 10.7739% Initial Yield (Deemed) 12.2230% Initial Yield (Contracted) 12.2230% Reversion Yield 7.9487%

Total Contracted Rent €1,224,805 Total Current Rent €1,224,805 Total Rental Value €869,443 No. Tenants 1 Capital value per m² €417.89

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €1,224,805 €1,209,546 12.2230 % 13.2170 % 30-Jun-2021 €1,224,805 €1,126,685 11.3856 % 12.2443 % 01-Jul-2021 €869,443 €569,221 5.7522 % 5.9651 % 01-Jul-2022 €869,443 €786,582 7.9487 % 8.3599 %

Yields based on €9,895,693

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Compair Drucklufttechnik GmbH 01-Jul-2016 30-Jun-2021 €1,224,805 Unrounded €869,443 Private Hardcore 10.000 €9,731,432 Total €1,224,805 €869,443 €9,731,432

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Runnenbergweg 10 / Talhoutweg 10, Vaassen

Photo Map

Inspected on: 24 November 2014 Valuer: M. Kooman MSc / Drs. Ir. C.J. van Vilsteren MSRE MRICS Rtsv (RICS Registered Valuer)

Tenure: Freehold Tenant / Tenant Covenant: Single tenant: Thielman Logistics Services b.v.

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m)) Thielman Notice period is 6 75,000 Logistics Services 4,578 31/8/2015 - months / renewal (16,38) b.v. period is also 6 months

Location : Vaassen is a town in the northeast of the province Gelderland with a population of approximately 13,000. It is part of the Municipality of Epe which has a population of circa 32,000.

Vaassen is located approximately 108 kilometres east of Amsterdam and 124 kilometres north of Eindhoven. The connections are good with the A1 (Amsterdam – Apeldoorn - Almelo) situated to the south, the A28 (Utrecht-Amersfoort-Zwolle) situated to the north of Vaassen and the A50 (Zwolle-Apeldoorn-Arnhem) providing good national as well as European road connections. The town does not benefit from a railway station, the nearest railway station is “Apeldoorn” (circa 30 minutes by bus), which provides regular train services to the national network with a journey time of approximately 60 minutes to Amsterdam. The property is situated on the industrial estate of Eekterveld on the north eastern side of Vaassen. This business estate accommodates approximately 110 companies and provides a mixture of uses including industry, engineering industry, automobile industry, wholesalers, logistic and business services providers. Examples of other companies with an establishment on the business estate Eekterveld are AVK Nederland B.V., Wibra, Baltus Bloembollen B.V. and Pals B.V.

Description : The property is a warehouse with a first floor office element constructed in 1987. There are two

loading bays, one with 4 overhead doors and the other with six dock leveller doors. The eaves height ranges from 5 metres to 8 metres. The property consists of a steel framed construction and the elevations are primarily made of aluminium panels and brickwork. The windows are aluminium double glazed. The property provides office accommodation to basic standards. The total lettable floor area is 4,578 sq m of which 4,121sq m warehouse space and 457 sq m office space. We have based the lettable floor area on a NEN 2580 measurement certificate, dated 4 March 2008.

Physical Considerations: Other Considerations: Year built: 1987 Planning: We have consulted the website of the online planning register. The Refurbished: subject property is part of the zoning plan “Eekterveld” which has been Technical During our inspection of the given final approval by the Province issues : property we have not observed any of Gelderland on 25 March 2010. technical issues. We have not been The plot of land is zoned for provided with a building survey business purposes and according to report. the accompanying description. We have assumed that all relevant permits have been obtained and that the current use is in accordance with the prevailing zoning plan.

Condition: The building is in a reasonable to Mandatory We have not been provided with good state of repair considering its verifications: any documents regarding any age. mandatory regulation.

Environmental/ During our inspection of the Visibility and Centrally located in the industrial Contamination property we have not observed any Infrastructure: estate of Eekterveld on the north Issues: environmental issues. We have not eastern side of Vaassen. The been provided with an property has a convenient road and environmental report. transport network.

Property Strengths Property Weaknesses

• Easily accessible from the motorway A1/A28 • Relatively dated property. which leads to the Randstad as well as • Relatively low height. Germany. • Heavily under-rented. • Current (sub) tenant has invested in the • Relatively short leaseterm. property. • Deferred maintenance.

Competition Adjacent Uses

• More modern properties available in the • An adjacent industrial estate is industrial estate vicinity of the property. For example the “Apeldoorn-Noord”, which lies down south of the property at Riezebosweg 7. A total of 2.662 subject property near the A50 motorway. m² of industrial space is on offer for an asking price of € 45 per sq m. • Competition of nearby Apeldoorn which is located more close to the A1 motorway.

Additional Comments

• The free height of the warehouse unit is relatively low. We have reflected this in our ERV. • With regards to the capital expenditure (of € 66,000) we have relied on the '5-year CapEx plan' provided to us by M7 capital cortona Real Estate in Q4 2014. As we understand, this CAPEX is necessary due to deferred maintenance.

Market Commentary

Dutch Industrial & Logistics Property Market The relevant “open” market for industrial property generally concerns properties with standardised features, making them suitable for different types of occupiers. As such, it usually concerns warehouses such as distribution centres and light industrial multi-let units. The logistics market in the Netherlands in particular is one of the most active, mature and long-established ones in Europe, partly reflecting the well-developed and high-quality transport infrastructure. The total stock of large-scale logistics properties – exceeding 5,000 sq m in size – is currently estimated at about 22 million sq m.

Vacancy & take-up The total volume of industrial space taken up amounted to 1,637,000 sq m up to Q3 2014. About 573,000 sq m of this volume (some 35%) concerned distribution space. In line with 2013, the take-up of logistics units in the first three quarters of 2014 was largely driven by pre-let transactions in the south of the country. This was illustrated by the take-up of 25,000 sq m by Vos Logistics at industrial park De Geer in Oss, 22,500 sq m by Seacon Logistics in Venlo at Business Park Syberië and the lease contract for a 20,000 sq m facility at Noordland in Bergen op Zoom by Forever 21. Since the logistics property market is currently characterised by a modernisation trend, vacancy in competitive properties continues to be tight. With prospects for economic recovery and improving industrial production and trade, the demand for warehousing space is expected to increase further. As such, new developments provide attractive opportunities for occupiers seeking modern logistics facilities. In 2013, an amount of 590,000 sq m of new logistics space was delivered to the market – a record in post-crisis years. Large-scale examples of completions in the first three quarters of 2014 are 33,000 sq m of logistics space in Oosterhout, leased by OMS, and 59,000 sq m in Echt, Limburg, leased by retailer Action.

Currently, most transactions in the occupier market for industrial space concern relocation. They reflect consolidation strategies as many occupiers are looking for economies of scale in large-scale and optimally located sites. Simultaneously, smaller properties become obsolete and are left behind. Consequently, logistics vacancy increased roughly from 1.3 million sq m at the end of 2012 to almost 1.5 million at the end of 2013 and 1.56 million sq m at the end of Q3 2014. However, despite increasing overall vacancy, vacancy rates remain relatively low. In part, this is caused by the fact that older properties are still able to find tenants by aggressively lowering the rent, or by allowing alternative usage.

As mentioned, the logistics market is experiencing relatively tight market conditions, with a vacancy rate of 6.7% at the end of 2013 and 7.1% at the end of Q3 2014. Most logistics hubs are facing similar vacancy rates, with the exception of Almere, Amsterdam, Veghel and Venray where vacancy continues to hover around 11%. Another exception to the general picture is West-Brabant, where vacancy has increased from 5.5% at the beginning of 2012 to a current level of 10.8%. This is mostly due to unfavourable dynamics in the hubs of Breda, Oosterhout and Moerdijk, which have seen the departure of several large-scale tenants and are currently coping with vacancy rates ranging between 10.6% and 15.6%. Relocation to newer properties and the absence of sufficient labour in the close vicinity are the main reasons for this trend. Vacancy rates for multi-let light industrial properties are higher than for logistics, partly due to the higher tenant mobility and resulting friction vacancy. The vacancy rates for multi-let complexes in the G4 cities currently moves around 15.5%.

Rents After the 2008 crisis, the decline in take-up and rising vacancy of industrial space resulted in a downward pressure on market rents. Furthermore, the use of incentives increased notably. Although incentives remain customary, the recovery of demand initiated in 2010 has resulted in a partial recovery of rents for prime property. However, as previously mentioned, market rents for older and secondary properties remain under downward pressure.

In general, prime rents for logistics property in the southern ‘transport corridor’ are quoting around € 55 per sq m per year. Prime logistics rents in the ‘Randstad’ area (the G4 cities conurbation) move around a level of € 62 per sq m per year. Top rents of about € 88 per sq m per year are only feasible for airfreight distribution facilities at Schiphol Airport.

Market rents for light industrial property are generally higher, particularly if it concerns small-scale properties with a

high share of office space. In this case, rents of € 80 to € 90 per sq m per year are no exception. Rents for large- scale property with a ‘standard’ industrial character (concerning storage or production) are usually not higher than € 50 per sq m per year.

Investment In 2013, the Netherlands experienced the highest investment volume in logistics and (multi-let) industrial properties since 2007. With a total turnover of € 759 million, the investment market saw an increase of 82% with respect to 2012. In the first three quarters of 2014, the strong activity on the investment market continued with a total volume of € 847 million, which represents a y-o-y increase of 78% compared to the same period in 2013.

It must be noted however, that these investments include several large portfolio deals such as the ‘Pelican’ logistics portfolio, which was acquired by Prologis, and a multi-let industrial portfolio of 370,000 sq m that was acquired by Hansteen. As such, despite several single-asset prime logistics transactions, the investment volume is dominated by nationwide portfolio transactions.

The recent entry of private equity investors on the Dutch industrial market is reflected by LogiCor’s (Blackstone’s logistics fund established in 2013) purchase of the Hattrick portfolio and the acquisition of several multi-let portfolios, amounting to 450,000 sq m in total, by MBay and MStar. Furthermore, the Belgian REITs WDP and Montea were very active players on the Dutch logistics market.

Striking was the further growth in multi-let investment, a market that has been very quiet since the 2008 crisis but revived again in the last months of 2013. Due to favourable dynamics in the occupier market in the Netherlands and with prospects for production and export growth in mind, investor appetite is increasing – especially against the current low interest rates.

Due to continuing investor demand the indicative prime logistics yield has sharpened for two consecutive quarters and is currently quoting 6.25% (net initial). Yields for multi-let facilities have moved out in 2013, which was not a sign of deteriorating market conditions but a recognition of the specific characteristics of this asset class (a high management effort, for example) and a reaction on previous overpricing. Prime net initial yields for multi-let are currently stable at around 9%, indicatively.

Market Valuation and comments as at 1 December 2014 (all rents in € per annum): Capex: 66,000 Management etc: 750 Landlord’s Non Recoverable and Repair Allowance 19,960 Total Gross Rental Income 75,000 Total Net Rental Income: 51,731 Total gross ERV: 145,093 Total Net ERV: 121,123 Equivalent Yield: 10.00% Net Initial Yield: 5.68% WAULT 0.75 WABO 0.75 Market Value - Net of purchaser’s costs@ (rounded) 785,000 6.90% : Indicative Reinstatement Cost 2,855,000 Market Value on Special Assumption of alternative use Not applicable

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Vaassen II BOA,Runnenbergerweg 10/ Talhoutweg 10,NL Vaassen File/Ref No NET-002

Gross Valuation €911,350 Capital Costs -€66,000 Net Value Before Fees €845,350

Less Stamp Duty @6.00% of Net Value -€47,095 Agents Fee @1.50% of Net Value -€11,774 Legal Fee @0.20% of Net Value -€1,570

Net Valuation €784,912 Say €785,000

Equivalent Yield 10.0000% True Equivalent Yield 10.5062% Initial Yield (Deemed) 5.6763% Initial Yield (Contracted) 5.6763% Reversion Yield 13.2905%

Total Contracted Rent €75,000 Total Current Rent €75,000 Total Rental Value €145,093 No. Tenants 1 Capital value per m² €171.47

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €75,000 €51,731 5.6763 % 5.8836 % 01-Sep-2015 €0 -€25,421 -2.7893 % -2.8387 % 01-Sep-2017 €145,093 €99,359 10.9024 % 11.6878 % 01-Sep-2018 €145,093 €121,123 13.2905 % 14.4724 %

Yields based on €911,350

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Thielman Logistics Services b.v. NA 31-Aug-2015 €75,000 Unrounded €145,093 Short Hardcore 10.000 10.000 €911,350 Total €75,000 €145,093 €911,350

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2

Address: Runnenbergweg 12 / Talhoutweg 2, Vaassen

Photo Map

Inspected on: 24 November 2014 Valuer: M. Kooman MSc / Drs. Ir. C.J. van Vilsteren MSRE MRICS Rtsv (RICS Registered Valuer)

Tenure: Freehold Tenant / Tenant Covenant: Multi-tenant: Groothedde / Thielman Logistics Services b.v.

Tenancy Accommodation Lettable Area (sq m) Lease Expiry Parking Gross income Lease comments spaces € pa (€/sq m)) Vacant 382 147,000 Groothedde 1,900 31/3/2019 - (77.37) Thielman The notice period is 6 75,000 Logistics Services 2,531 30/6/2015 months / the renewal (29,63) b.v. period is also 6 months Thielman 130,000 Logistics Services 4,595 28/2/2019 Circa 100 - (28,29) b.v.

Location : Vaassen is a town in the northeast of the province Gelderland with a population of approximately 13,000. It is part of the Municipality of Epe which has a population of circa 32,000.

industry, automobile industry, wholesalers, logistic and business services providers. Examples of other companies with an establishment on the business estate Eekterveld are AVK Nederland B.V., Wibra, Baltus Bloembollen B.V. and Pals B.V.

Description : The property comprises two purpose built warehouse buildings; Runnenbergweg 12 and Talhoutweg 2.

The first building is a distribution unit constructed in 1992 and extended between 1996 and 1998. The distribution unit has an office element at the ground floor and a larger office area on the first floor. There are 13 dock leveller doors and the eaves height ranges from 6 to 8 meters. The building is linked with Talhoutweg 2. The property provides office accommodation to basic standards arranged over the first floor.

Talhoutweg 2 is a warehouse which was constructed in 2001 with three stories of office accommodation along the road frontage. The warehouse can be refrigerated. On the site of the warehouse, there are 16 dock leveller doors. The roof of the section which can be refrigerated, there is car parking for 100 cars with access via a ramp. The free height ranges between 5 metres and 7 metres.

The building at Talhoutweg 2 provides modern office accommodation arranged over ground, first and second floors. Both buildings are of steel framed construction and the elevations are primarily made of aluminium panels and brickwork. The windows are aluminium double glazed. The buildings provide single storey warehousing and storage space as well as a cooling facility.

The total lettable floor area is 9,408 sq m of which 3,019 sq m is warehouse space and 1,576 sq m is office space for “Talhoutweg 2”. “Runnenbergweg 12” consists of 4,051 sq m of warehouse space and 762 sq m of office space.

We have based the lettable floor areas of the two buildings on a NEN 2580 measurement certificate, dated 21 March 2008.

There is parking space for 100 cars situated on the roof of the refrigerated section.

Physical Considerations: Other Considerations: Year built: 1992 / 2001 Planning: We have consulted the website of the online planning register. The Refurbished: Runnenbergweg 12 has been subject property is part of the zoning extended between 1996 and 1998. plan “Eekterveld” which has been given final approval by the Province Technical During our inspection of the of Gelderland on 25 March 2010. issues : property we have not observed any The plot of land is zoned for technical issues. We have not been business purposes and according to provided with a building survey the accompanying description. report. We have assumed that all relevant permits have been obtained and that the current use is in accordance with the prevailing zoning plan.

Condition: The building is in a reasonable to Mandatory We have not been provided with good state of repair considering its verifications: any documents regarding any age. mandatory regulation.

Property Strengths Property Weaknesses

• Secure on-site parking. • 382 m² of the property is vacant. • Easily accessible from the motorway A1/A28 • Deferred maintenance. which leads to the Randstad as well as Germany. • Warehouse can be refrigerated. • Sufficient dock leveller doors. Competition Adjacent Uses

Additional Comments

• Based on the NEN 2580 measurement certificate, which was provided to us, we were able to adopt various ERVs to the lettable floor areas of the two adjacent buildings. This has resulted in an ERV of € 35 per sq m for the warehouse (A) space and € 65 per sq m for the office space (A) at the building “Talhoutweg 2”. For the warehouse space at “Runnenbergweg 12” we adopted an ERV of € 30.00 per sq m for the warehouse space (D) and € 70 per sq m for the office space (D). • With regards to the capital expenditure (of € 264,700) we have relied on the '5-year CapEx plan' provided to us by M7 capital cortona Real Estate in Q4 2014. As we understand, this CAPEX is necessary due to deferred maintenance.

Market Commentary

Market rents for light industrial property are generally higher, particularly if it concerns small-scale properties with a

Market Valuation and comments as at 1 December 2014 (all rents in € per annum): Capex: 264,700 Management etc: 4,054 Landlord’s Non Recoverable and Repair Allowance 39,984 Total Gross Rental Income 352,000 Total Net Rental Income: 300,234 Total gross ERV: 445,430 Total Net ERV: 393,263 Equivalent Yield: 9.91 Net Initial Yield: 9.06 WAULT 3.5 WABO 3.5 Market Value - Net of purchaser’s costs@ (rounded) 3,075,000 6.90% : Indicative Reinstatement Cost 5,100,000 Market Value on Special Assumption of alternative use Not applicable

Appendix 1: Photographs

Appendix 2: Cadastral Plan,

Appendix 3: Market Value - Valuation calculation

REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Property

Address Vaassen I BOA,Runnenbergweg 12/ Talhoutweg 2,NL Vaassen File/Ref No NET-003

Gross Valuation €3,578,441 Capital Costs -€264,700 Net Value Before Fees €3,313,741

Less Stamp Duty @6.00% of Net Value -€184,610 Agents Fee @1.50% of Net Value -€46,152 Legal Fee @0.20% of Net Value -€6,154

Net Valuation €3,076,826 Say €3,075,000

Equivalent Yield 9.9138% True Equivalent Yield 10.5029% Initial Yield (Deemed) 9.0603% Initial Yield (Contracted) 9.0603% Reversion Yield 11.8677%

Total Contracted Rent €352,000 Total Current Rent €352,000 Total Rental Value €445,430 No. Tenants 4 Capital value per m² €326.85

Running Yields

Date Gross Rent Net Rent Annual Quarterly 01-Dec-2014 €352,000 €300,234 9.0603 % 9.5975 % 01-Jul-2015 €277,000 €223,215 6.7360 % 7.0295 % 01-Jul-2017 €415,430 €342,265 10.3287 % 11.0315 % 01-Dec-2017 €442,130 €365,227 11.0216 % 11.8248 % 01-Jul-2018 €442,130 €385,991 11.6482 % 12.5482 % 01-Dec-2018 €442,130 €389,996 11.7691 % 12.6885 % 01-Mar-2019 €520,230 €467,315 14.1024 % 15.4387 % 01-Apr-2019 €373,230 €321,785 9.7106 % 10.3299 % 01-Jan-2020 €445,430 €393,263 11.8677 % 12.8030 %

Yields based on €3,313,742

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 REPORT Valuation Summary CBRE Ltd

Report Date 12 December 2014 Valuation Date 01 December 2014

Tenants

Tenant name File / Ref No Next Review Expiry Date Current Rent ERV Method ERV Cap.Group Val.Meth. Yield 1 Yield 2 Gross Value Freehold Groothedde NA 31-Mar-2019 €147,000 Rounded €72,200 Long Hardcore 9.500 10.500 €872,126 Thielman Logistics Services b.v. NA 28-Feb-2019 €130,000 Rounded €208,100 Long Hardcore 9.500 10.500 €1,592,899 Thielman Logistics Services b.v. NA 30-Jun-2015 €75,000 Unrounded €138,430 Short Hardcore 10.000 10.000 €960,625 Vacant NA 30-Nov-2022 €0 Rounded €26,700 Vacancy Hardcore 11.000 11.000 €152,792 Total €352,000 €445,430 €3,578,441

Portfolio: Tamar EIP Fund FOR BOA CIRCLE VISUAL INVESTOR 2.50.039 Page 2 PROPERTY REPORTS 19

4 MARKET COMMENTARY

Logistics and Industrial space MarketView 3rd quarter 2014 CBRE Research & Consulting TAKE-UP* IMMEDIATE SUPPLY** TAKE-UP* IMMEDIATE SUPPLY** LOGISTICS FRANCE LOGISTICS FRANCE INDUSTRIAL ILE-DE-FRANCE INDUSTRIAL ILE-DE-FRANCE - 19% - 5% + 24% + 1% * Trends compared to 9M 2013 ** Trends since 1 October 2013 TWO-SPEED LOGISTICS MARKET: STRONG PERFORMANCE IN ILE-DE- FRANCE AND THE RHONE CORRIDOR DRIVEN BY LARGE TURNKEY TRANSACTIONS, SLOW ACTIVITY IN OTHER MARKETS

THE LOGISTICS MARKET IN FRANCE Key points Analysis of the market for warehouses above 5,000 sq m (for all kinds of warehouses, Fewer occupier enquiries in Ile-de-France, but  A, B, C, cold stores and cross-dock warehouses) ones more likely to complete The trends seen in the first half of the year continued and at the end of Q3 the French  Take-up in Ile-de-France and Rhône-Alpes already higher than in 2013 logistics market posted mixed results. While transactional activity was strong in Ile- de-France and the Rhone corridor, it was slow in Nord-Pas de Calais, PACA and  Players very active, increase in tenders from logistics companies, mainly for contracts in in secondary markets. Ile-de-France and the Rhone corridor, as the two principal markets mass distribution and specialist retailers on the north-south logistics backbone, attracted more than half of transactions – in number and volume – driving the French market as a whole. One of the characteristics this year was  Large turnkeys signed in 2013 then entered in statistics for 2014 the return in force of third-party logistics providers (3PLs), whose contracts are for the most part dependent on the mass distribution market. Mass distribution, through the  Markets in Lille, Marseille and secondary areas having trouble taking off again integration or outsourcing of logistics functions, was the motor behind the logistics market in 2014. Meanwhile, industrial consignors took a back seat because they have been more Problematic shortage of quality logistics  affected by the economy. premises The French economy is full of uncertainty with many businesses taking a wait-and-see  Paris region market expanding strongly… approach. This is not a context that favours real estate projects or decision making. Small  … despite reduction in enquiries and medium companies, emerging markets and under-supplied markets are the most  Markets very selective affected by the situation.

Synthesis of the first 9 months 2014 Warehouse market >5,000 sq m

Take-up Immediate supply Semi-speculative schemes Rents* (9M 2014) (at period end) (at period end )

France 1,666,000 sq m 3,388,300 sq m 2,977,900 sq m €30 / €58

Ile-de-France 576,600 sq m 1,414,600 sq m 629,200 sq m €46 / €58

Nord-Pas de Calais 113,500 sq m 230,100 sq m 345,800 sq m €39 / €44

Rhone Corridor 333,700 sq m 370,500 sq m 357,200 sq m €42 / €45

PACA 145,500 sq m 277,400 sq m 229,300 sq m €41 / €43.5

Industrial space (all sizes) and small warehouses (<5,000 sq m)

Take-up Immediate supply Semi-speculative schemes Rents ** (9M 2014) (at period end) (at period end)

Ile-de-France 633,000 sq m 2,504,500 sq m 183,000 sq m €60 / €150

Industrial & logistics investment

Share of industrial & logistics Volume Prime yields*** Prime yields *** Prime yields *** in total volumes (9M 2014) (Class A warehouses) (Industrial space) (Industrial space) in France France €1.4 billion 9% 6.75% 8% 7.5% * Headline values, new class A warehouses, net/sq m pa ** Headline values, traditional industrial space (split industrial/office space ≈ 70/30), new, redevoleped or renovated, net/sq m pa *** Net immediate yields Sources: CBRE and Immostat

© 2014 CBRE, Inc. 3 rd Mixed results in France in 2014 Changes in take-up and immediate supply in France quarter 2014 By the end of Q3 2014, take-up in France stood at (in million sq m) 1,666,000 sq m, which was slightly below the average for the same 5 period since 2008. It is 19% below 2013's take-up. The persistently slow French economy with its many uncertainties has affected both consumers and companies. Growth forecasts for GDP 4 in 2014 have been revised downwards, to 0.4%, as have household consumption estimates, to 0.1%. (Source INSEE). Against this 3 Logistics and industrial space | backdrop, transaction completion time – for both existing premises and turnkeys – is long and negotiations are easily shelved. In Ile-de-France occupier enquiries are more likely to 2 complete

The number of enquiries received by CBRE for space in Ile-de- 1 France in the first three quarters was slightly lower than at the same time last year, down 5%. The start of the year was particularly

active; then from May to August there was little activity. September 2008 2009 2010 2011 2012 2013 9M 2014 saw a significant upturn with 260,500 sq m of new search Take-up Immediate supply (at period end) requirements (twice more than in September 2013). In total, occupier enquiries in 2014 could reach 2 million sq m. Sources: CBRE and Immostat

MarketView Mass distributors and specialist retailers were extremely active in the development of their logistics facilities. These moves were usually linked to grouping or organizational projects. Indeed Geographic breakdown of take-up in France of the first 9 months 2014 (by volume) some major players are still actively seeking large sites with a view to turnkey developments. Languedoc Ile-de-France 1% 35% Nevertheless, 3PLs have resumed sending out tenders, most of Normandy which are also intended for the mass distribution segment. 1% Picardy Opportunist behaviours characterized the market for a long period, 2% but this approach seems to have come to an end. Now the real Greater South-West estate projects that are received by our services seem more likely to 3% West go through. In addition some projects that were postponed in the 4% past have now been definitively planned and may feed statistics from Burgundy / 2015 onwards. Companies are facing the need to reorganize or Franche-Comté 5% modernize processes and materials and this forces them to alter Greater East their logistics facilities. 6% Rhône-Alpes Greater Centre 20% Turnkey schemes performed well 7% In Ile-de-France, take-up at the end of Q3, at 576,600 sq m, Nord-Pas de Calais PACA exceeded the total for 2013. It was also greater than the period 7% 9% average of approximately 500,000 sq m seen since 2008. 2014, Sources: CBRE and Immostat after two years of weak activity, should see the Ile-de-France retrieve a more balanced position, but we are not expecting it to reach the exceptional levels of 2011 or before 2007. Change in take-up in the main French markets of the first 9 months 2014 (in thousand sq m) One of the reasons the volume of take-up is so high is that several turnkey schemes in the pipeline since 2013 (both leasings and acquisitions) have finally received full planning permission and have 7 therefore been entered into the statistics. These 10 deals account for 25% of transactions and 42% of floor area. By way of comparison, 6 only 5 were reported in 2013, for just 12% of floor area. 5 Two of these turnkeys involved large premises between 30,000 sq m and 50,000 sq m: 32,400 sq m for C&A in Villenoy and 4 39,100 sq m for SDV in Roissy-en-France. Two others involved extra-large warehouses: 50,700 sq m for Toys R Us in Saint- 3 Fargeau-Ponthierry and 51,500 sq m for Auchan in Serris. Increasingly, requirements for large warehouses are satisfied by new constructions, 2 which enable occupiers to personalize the buildings so they are more 2 closely adapted to their needs. 1

Ile-de-France Nord-Pas de Calais Rhône-Alpes PACA 9M 08 9M 09 9M 10 9M 11 9M 12 9M 13 9M 14 Sources: CBRE and Immostat

© 2014 CBRE, Inc. 3 Breakdown of take-up by type of warehouse in the first The Ile-de-France market is generally one for existing buildings rd 9 months 2014 (by volume) sized from 5,000 sq m to 20,000 sq m. These accounted for 2/3 quarter 2014 of transactions in 2014. Since the start of the year, the north of Ile-de-France has been the area shoring up the market with take-up of 220,200 sq m.

Cross-dock This is higher than 2013's total volume and 4 times higher than at 4% Class A the same time last year. Out of 14 transactions, three were above 79% Cold store 20,000 sq m, for example the 36,800-sq m lease by Carrefour of 2% a quality site in Moussy-le-Neuf. Logistics and industrial space | Class C 5% The east of the Paris region was also active, with take-up of Class B 146,000 sq m, a 65% year-on-year increase. This figure was 10% notably bolstered by transactions by Auchan and C&A. As for the south of the region, take-up at the end of Q3 was 21% Sources: CBRE and Immostat higher than at the same time last year, at 164,700 sq m, but it did not reach the average for the area since 2008 of 190,000 sq m. Finally, activity in the west of the Paris region, which is usually the least active area, fell by 38% to 45,700 sq m. Greater Lyon market active Geographic breakdown of immediate supply in France at 1 October 2014 (by volume) As the second most important logistics market in France, both in size and European scope, the Rhone corridor in the Rhone-Alpes MarketView Languedoc Ile-de-France 1% 42% region strengthened its position on the north-south logistics axis and West accounted for 20% of take-up in France at the end of Q3 2014, 2% with 333,700 sq m. Following the same pattern as Ile-de-France, Normandy 2% the annual figure for 2013 was exceeded, with a year-on-year rise Greater South west of 86%. 3% The Lyon market is concentrated to the east of the city and in the Burgundy / Franche-Comté areas of Isle d'Abeau (in Isère) and Plaine de l'Ain (in Ain). 4% Together these sectors formed the strongest logistics markets in the Picardy region with approximately 80% of transacted volume. Isle d'Abeau 5% was the most active sector with take-up of 149,800 sq m. Greater Centre 5% This figure must be viewed in perspective, however, as one of the Rhône-Alpes Nord-Pas de Calais 11% 4 deals concluded during the period was a 106,600-sq m 7% procurement centre for the supermarket chain Leclerc. PACA Greater East 8% 10% Apart from 2 freestanding turnkeys, take-up consisted of leases on existing schemes, most of which were within the perimeter of the eastern bypass (Rocade Est). Source: CBRE Following a difficult 2013, the market recovered a degree of depth halfway through the year because more quality space became available. By contrast, enquiries from occupiers fell and were often uncertain.

Structure of immediate supply in the main markets in The north and south of the backbone trail behind France at 1 October 2014 (by volume) Take-up in Nord-Pas de Calais slipped by 55% compared to last year and is struggling to recover its former dynamism. About 100% 113,500 sq m were transacted during the first 3 quarters of 90% 2014, which is much lower than the average for the same period 80% since 2008 (205,000 sq m). The market is increasingly being affected by buildings becoming out dated and not meeting 70% occupiers' requirements. The few demands for space that are 60% received are generally for large logistics facilities, close to the A1 in 50% the south of Lille, an area where there is little availability. th 40% As for the PACA region, the 4 largest market on the logistics "backbone" of France, take-up volume halved in a year to stand at 30% 145,500 sq m at the end of September. Long-standing markets, 20% like Clésud, Distriport and Saint-Martin-de-Crau, did not see 3 10% much activity and freestanding schemes accounted for 70% of take-up volume. Ile-de-France Nord-Pas de Calais Rhône-Alpes PACA

Class A Class B Class C Cross-dock

Source: CBRE

In Ile-de-France and the Rhone corridor the market will be good in Greater South west Ile-de-France 2014. By contrast uncertainty is the rule in most other markets. 2% 21% Such good results against such a difficult economic backdrop serve West 3% to highlight the strength of these 2 major markets. For example, Burgundy take-up in Ile-de-France is expected to close between 4% Centre 750,000 sq m and 800,000 sq m by the end of the year, 8% which is above its long-term average. On a national Logistics and industrial space | level, however, take-up volume is unlikely to exceed PACA 8% Nord-Pas de Calais 2.7 million sq m, and may be as low as 2.2 million sq m. 12% Considering the amount of transactional activity in the pipeline, this negative gap with previous years is unlikely to be filled. Greater East 9% Rhône-Alpes The shortage of quality properties becomes an issue 12% Immediately available supply in France was 4% lower that at Picardy Normandy 1 October 2013 standing at 3,388,300 sq m. Availabilities fell in 10% 11% most regions, for example in Ile-de-France it shrank by 5% to 1,414,600 sq m. The south of the region was over-supplied, with Source: CBRE 749,700 sq m of vacant space (a sharp annual rise of 31%), in other sectors some supply was absorbed, particularly in the Nord MarketView department where it was virtually halved to 233,000 sq m. The supply of quality properties was the most affected, for example in Ile-de-France new warehousing only totalled 31,000 sq m, compared to 120,700 sq m a year earlier, while the availability of class A facilities was stable at 739,500 sq m. The ongoing issue of out-dated supply in the Paris region compounds the problem of the size of buildings. At 1 October 2014, the only available warehouse above 50,000 sq m was in the east of the region and 62% of space was composed of units from 5,000 to 20,000 sq m. Unfortunately most occupiers are looking for larger and larger volumes, especially in the very dynamic mass distribution sector. The same situation can be observed in the Lyon market, with supply falling annually by 18% to 370,500 sq m and markets appealing to clients but with little on offer. There was some relief this quarter with the completion of 50,000 sq m of new space, but quality products have been falling constantly for several quarters (20% of new availability and 46% of class A space). The solution to the shortage of quality, well-designed space is a turnkey operation, which is possible on the 3 million sq m of semi-speculative development identified in France. 600,000 sq m of this is in Ile-de-France, 350,000 sq m in Rhône-Alpes and Nord- Pas de Calais and 200,000 sq m in PACA. A few very large logistics Headline rental values in France at 1 October 2014 operators are openly intending to develop speculatively, but in a (net/sq m pa, class A, new/redeveloped) selective way on extremely attractive and secure markets. Burgundy / Franche-Comté €30 / €35 Rents reflect market differences Rhone Corridor €42 / €45 Headline rental values were stable at 1 October 2014. For Greater Centre €32 / €50 warehouses in locations that are not on the logistics backbone of France, rents are low and rarely exceed €50 net per sq m pa, Greater East €37 / €53 except for one-off particularly well-situated quality products. As a Greater North €39/ €44 general rule when there are variations in sub-markets, rents follow suit. Ile-de-France is a good example of this. In some very old, poorly Greater South €41 / €43.5 equipped buildings that are a long way from the capital, rents call Greater South West € 41 / €49 fall below €40. But they can exceed €60 for turnkeys or as much Ile-de-France* €46 / €58 as €80 for existing premises in the Inner Rim where there is a 4 shortage of space. Normandy €37 / €49

West €40 / €45

*excluding Inner Rim and turnkey schemes Source: CBRE

© 2014 CBRE, Inc. 3 rd MARKETS FOR INDUSTRIAL SPACE (ALL SIZES) AND Changes in take-up and immediate supply in quarter 2014 SMALL WAREHOUSES (UNDER 5,000 SQ M) Ile-de-France (in million sq m) Occupier enquiries low 3.0 In the first 9 months of 2014 the number of enquiries from occupiers received by CBRE was weak. There were slight upturns 2.5 in Q1 and Q3 but these were insufficient to generate an annual increase in volume. At slightly under 1.4 million sq m, the volume 2.0 of enquiries received from occupiers was 17% lower that at the Logistics and industrial space | same period in 2013, which was in turn lower than 2012. 1.5 The quality of demand seems to have improved, however. Business leaders are still concerned about the difficult 1.0 economic climate, but they have now integrated this uncertainty into their business and are willing to take an opportunistic approach, not least due to the low interest rates. Several large 0.5 projects are currently being examined, notably for turnkeys. In addition, demand is still essentially for the acquisition of space, despite the shortage of space for sale on the market. In most 131211100908070605 9M 14 instances the occupier's project is to move, consolidate and Take-up Immediate supply (at period end) optimize the use of space. Source : CBRE An expanding market MarketView Take-up, by contrast, rose annually by 24% to stand at 633,000 sq m at the end of Q3 2014. This is equal to the average for the period since the year 2000. Following a poor year Rental values for industrial space* in Ile-de-France in 2013, in 2014 market activity recovered to the high levels seen at 1 October 2014 (headline values, in € net/sq m pa) from 2010 to 2012 and transaction volume may reach 950,000 sq m by the end of 2014. Geographic area New/redeveloped Second hand All sectors in the Paris region saw increases over the year, Within the A86 €95 / €115 €60 / €107 Between the A86 both in the Inner and Outer Rim. The sharpest increase was in the North €60 / €85 €45 / €75 and the Francilienne north, where take-up rose 43% in a year to 205,800 sq m, followed by the east up 25% to 117,800 sq m, then the west Beyond the Francilienne N.S. N.S. up 15% to 125,300 sq m and finally the south up 13% to Within the A86 €100 / €120 €65 / €105 Between the A86 184,100 sq m. In the north, the market in the Inner Rim was steady West €75 / €85 €40 / €80 – especially in Aubervilliers, La Courneuve and Pantin, but more and the Francilienne than half of take-up took place in the Outer Rim, especially in Beyond the Francilienne €75 / €85 €40 / €80 Gonesse, Roissy-en-France and Mitry-Mory. Transactions on large Within the A86 €80 / 95 €65 / €80 premises, above 1,000 sq m, bolstered the market, following the Between the A86 South €70 / €85 €65 / €75 regional trend where 79% of transacted volume was for this size and the Francilienne segment. In the past, the Paris region market has tended to be one Beyond the Francilienne €65 / €85 €65 / €70 for small units. The shift to larger units is due to the number of Within the A86 €80 / €150 €75 / €80 large groups seeking large buildings, but also due to the Between the A86 East €80 / €85 €65 / €75 conclusion of turnkeys, which had been virtually absent from the and the Francilienne market since 2012, especially in the south of the region. Beyond the Francilienne €75 / €90 €45 / €60 For example, in Courcouronnes, Kiloutou is moving to a new * Standard industrial space (split industrial/office space ≈ 70/30) 1,400-sq m building developed by Gicram. N.S.: Not Significant Source: CBRE Supply stable but high 2.5 million sq m of space was available at 1 October 2014. The equilibrium between sub markets in the Paris region has not altered: the south has the largest supply, especially in areas where buildings are out dated. Despite good levels of take-up, supply in the north, west and east is relatively stable: vacated space has been re-let. Selling pricing for industrial space* in Ile-de-France € Speculative developments, virtually impossible to find in 2013, at 1 October 2014 (headline values, in net/sq m) rose to 21,300 sq m. Some developers took the risk of building Geographic area Minimum Average Maximum

without pre-leasing their projects. But these building initiatives Inner Rim €550 €1,000 €1,900 are one-off affairs and only concern the most secure zones. € € € Some 180,000 sq m of developments on standby constitute the North 380 680 1,100 supply of semi-speculative space. West €280 €520 €890 5 Rest of Ile-de-France Very selective market South €390 €600 €1,200 Rents, commercial concessions and selling prices are extremely East €280 €700 €1,350 variable depending on the property, the location, market * Standard industrial space (split industrial/office space ≈ 70/30) conditions and local tax levels. Source: CBRE

rd Examples of warehouse transactions >5,000 sq m concluded in France in 3rd quarter 2014 quarter 2014 Geographic Condition Town Occupier Floor area Contract Class sector of premises Rhône-Alpes Villette-d'Anthon (38) Leclerc 106,600 sq m Own-account New Class A Nord-Pas de Calais Wattrelos (59) La Redoute 42,000 sq m Sale to occupier Second hand Class A Bretagne Plaintel (22) Leclerc 32,500 sq m Own-account New Class A Picardie Roye (80) La Poste 28,100 sq m Own-account New Class A Rhône-Alpes Saint-Quentin-Fallavier (38) DHL 23,100 sq m Letting Second hand Class B Logistics and industrial space | Bourgogne Sevrey (71) Rhenus Logistics 22,500 sq m Letting Second hand Class A Nord-Pas de Calais Dechy (59) Simastock 12,800 sq m Letting Second hand Class A Ile-de-France Gennevilliers (92) DLS 11,100 sq m Letting Second hand Class B

Sources: CBRE and Immostat

Examples of industrial transactions concluded in Ile-de-France in 3rd quarter 2014

Geographic Condition Value Town Occupier Floor area Contract sector of premises (net/sq m pa) North Roissy-en-France (95) Serimax France 4,170 sq m Letting Second hand €72 West Villeneuve-la-Garenne (92) Mairie de Levallois-Perret 3,124 sq m Letting Second hand €98 MarketView East Croissy-Beaubourg (77) Theradiag SA 3,021 sq m Letting Second hand €81 North La Courneuve (93) La Deko 1,111 sq m Letting Second hand €70 South Le Plessis-Pâté (91) Socomafor 638 sq m Sale to occupier Second hand €831 South Fresnes (94) Rolesco 506 sq m Letting Renovated €75 West Cormeilles-en-Parisis (95) Toute l'Electronique de la Maison 485 sq m Letting Second hand €80 East Bussy-Saint-Georges (77) LM Fixations 413 sq m Sale to occupier New €1,055

Source: CBRE

CONTACTS

Research Global Logistic Services Aurélie LEMOINE Erika LEONARD Didier MALHERBE Head of Research Senior Research analyst Deputy Director t: 33 (0)1 53 64 36 35 t: 33 (0)1 53 64 34 84 t: 33 (0)1 53 64 36 30 e: [email protected] e: [email protected] e: [email protected]

Industrial Ile-de-France Pierre-Louis DUMONT Jean-Marie JACQUET Elvire REMARS Manager of North and West Manager of East Manager of South t: 33 (0)1 53 64 33 27 t: 33 (0)1 53 64 34 37 t: 33 (0)1 53 64 33 09 e: [email protected] e: [email protected] e: [email protected]

+ FOLLOW US

LINKEDIN GOOGLE+ TWITTER http://www.linkedin.com/company/cbre- http://www.gplus.to/CBREFrance https://twitter.com/CBREFrance france

6 Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty of representation about it. It is your responsibility to independently confirm its accuaracy and completeness. The reproduction of the whole or any part of this report is only authorised if its source is credited. CBRE Ressources - Economic Interest Group Head office: 145-151, rue de Courcelles 75017 PARIS - Siren: 412 352 817 - RCS Paris

http://www.cbre.fr/fr_fr PROPERTY REPORTS 20

5 LETTER OF INSTRUCTION

Award Confirmation Letter Supplier is hereby authorized to perform the Statement of Work detailed below. Supplier acknowledges that this confirmation letter is a summary of select contract terms and conditions which is provided for convenience. To view the complete agreement electronically accepted by Supplier, Supplier is referred to Bank of America's Commercial Valuation Services Information Management System.

Supplier: Statement of Work Service Type ID: 14-009057-APR01-001 Supplier: CBRE - London Service: Appraisal (Order) Supplier Representative: Graham Hughes MRICS Borrower: Starwood Capital Europe Advisers LLP Agreement Number: CW298856 Award Terms and Conditions Sourcing Manager: Wayne Miller, Market Manager Other Terms or Conditions: Date Awarded: 11/14/2014 Fees: EUR 109,168 Bank Contact: Wayne Miller Contact Phone: 813.968.7283 Appraisal Type: International-Other Certification: Contracted Appraiser Must Sign Service Delivery Requirements Due Date Description 12/15/2014 Fee is gross (inclusive of all taxes and expenses). Scope of work to include inspection and valuation of all 32 assets. Deliverable to include a single valuation report with market analyses and comparable evidence supporting the individual site/location valuations. Service Definition Currency Premise Qualifier Interest Appraised Allocations Description EUR Market Value As-Is Freehold Real Estate EUR Insurable Cost As-Is Freehold Real Estate a/k/a reinstatement value EUR Market Value Other Freehold Real Estate Vacant Possession Value Policies and Procedures Supplier is required to review, update and/or enter key summary information about the property appraised and associated value conclusions as part of this service. 1. Please include the following language in the Letter of Transmittal and the Intended Use Section of the report: "This report may be relied upon by Bank of America, N.A., its successors and/or assigns in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the "Loan Financing"). This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing. In addition, this report or a reference to this report, may be included or quoted in any offering circular, registration statement, or prospectus in connection with a securitization or transaction involving the Loan Financing and/or related securities that may be issued. This report has no other purpose and should not be relied upon by any other person or entity." 2. Please include the following statement in your letter of transmittal: ?Bank of America makes no warranties or representations regarding this document or the conclusions contained herein.? Reappraisal assignments must document and explain assumption changes and resulting value differences for all Bank of America assignments completed within the prior two years. All appraisal reports (including all addendum and related attachments) and invoices must be uploaded to VSIMS in Adobe Acrobat-compatible format (PDF). Document security must be set to allow Commenting, Copying and Extracting of Content for use in the Bank's review function. Documents may be otherwise restricted from changes subject to the supplier's personal security preference. Additional Microsoft and Argus documents may be uploaded in their native format, where appropriate. Vendors are prohibited from accepting payment for services rendered from anyone other than Bank of America, N.A., its successors and/or assigns unless otherwise specified within this agreement. Time is of the essence. Review of all attachments and initial communication with identified project or property contacts must occur within five days of engagement. Liquidated damages may be assessed if the Statement of Work (SOW), including the delivery of all reports and requested data, is incomplete by the listed due date. Damages will be assessed at a rate of 5% of the negotiated fee for each day (cumulative) the SOW remains incomplete. Damages will not be imposed for delays resulting from circumstances beyond the appraiser's control if timely notice is provided; such circumstances to be judged for their validity solely by the Sourcing Manager. Addressee and Distribution Instructions Report Distribution Name Address CD/DVD Bound Comments Addressee, Recipient and Wayne R. Miller, FRICS, MAI Bank of America Merrill Lynch 0 0 Intended User Senior Vice President International Limietd | 2 KING EDWARD ST | London | UK | EC1A 1HQ Documents (content available online only) Project Attachments Miscellaneous (APR) BANK_OF_AMERICA_EMEA_VALUATION_REQUIREMENTS_UPDATED_02- 2013_11132014_210334.pdf Rent Roll TAMAR_TENANCY_SCHEDULE_11132014_211157.xls Project Contacts Name Company / Role Telephone Comments Property Contact (additional contacts may be listed for each property. Refer to the online property profile for details) Name Company / Role Telephone Comments David Ebbrell M7 Real Estate +44 020 3657 5500 Properties (detailed descriptions may be viewed online or downloaded) # Property Type Property Address 1 Industrial - Manufacturing-Light Le Parc aux Vignes, 77183 Croissy Beaubourg, Paris, ID